The European Union on Tuesday slapped more sanctions against Russia which includes a ban on export of luxury goods such as cars costing more than 50,000 euros and consumer products worth more than 300 euros such as wine, caviar, precious stones, crystal, handbags, shoes and coats.

The move is aimed at directly hitting the lifestyle of the Russian elite

Under the sanctions, the assets of Abramovich and other oligarchs are to be frozen.

More information is also being exchanged among EU states to facilitate such seizures, as some members have limited staff and may also lack the political will.

Amongst the more substantive measures to cripple Russia’s economy, a ban on Russian steel imports has been imposed which is estimated to impact 3.3 billion euros ($3.6 billion) worth of products.

The EU has agreed to scrap Russia’s "most-favoured nation" trade status, opening the door to punitive tariffs on Russian goods or outright import bans.

The European Commission also said the sanctions included a far-reaching ban on new investment across the Russian energy sector.

The measures are aimed at Russia's oil and gas majors Rosneft, Transneft and Gazprom who will be subjected to a transactions ban. However, EU members will be still able to buy oil and gas from them.

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