The European Union announced last Friday that it will prohibit imports of “key goods in the iron and steel sector” from the Russian Federation, the latest in a series of severe economic sanctions placed on the country in response to its invasion of Ukraine.

In an official statement, European Commission president Ursula von der Leyen declared that the iron and steel product import ban “will hit a central sector of Russia's system, deprive it of billions of export revenues and ensure that our citizens are not subsidizing [Russian president Vladimir] Putin’s war.”

On Monday, the European Union formally voted in the sanctions and provided further details. According to the official press release, the import ban will cover steel products originating from Russia and Belarus that are currently subject to EU safeguard measures. To alleviate supply disruptions brought on by the sanctions, steel import quotas originally granted to Russia and Belarus will be redistributed among the EU’s other trading partners.

The European Commission estimates that the import ban will result in €3.3 billion in lost revenue for Russia.