Law360, London (March 15, 2022, 11:34 AM GMT) -- The European Commission set out a fresh package of sanctions against Moscow on Tuesday after it invaded Ukraine, including banning Russia from having access to the Europe Union's credit rating agencies.

Withholding ratings services from Russian clients would result in them "losing even further access to the EU's financial markets," the bloc's executive arm said. The measure is part of the fourth wave of sanctions imposed by Europe against President Vladimir Putin's regime.

The ban will mean that top EU credit ratings agencies such as Fitch Ratings, Moody's and S&P will not be able to rate Russia's sovereign debt or the country's companies. It is hoped the move will deter investors from putting money into Russian businesses.

"Today's agreement builds on the wide-ranging and unprecedented packages of measures the EU has been taking in response to Russia's acts of aggression against Ukraine's territorial integrity and mounting atrocities against Ukrainian civilians and cities," the commission said in a statement.

Ratings agencies provide an independent assessment of the creditworthiness of a country or business for investors. The agencies have downgraded Russian government debt to junk status, with Fitch warning of imminent default as Western financial sanctions tighten.

The commission also announced on Tuesday that it would extend its list of sanctioned Russian citizens and companies linked to the Kremlin.

The executive said it is also banning companies in the EU from completing transactions with Russian state-owned enterprises and an import ban on approximately €3.3 billion ($3.6 billion) of Russian steel products. The EU is also blocking new investment in the Russian energy sector and banning the export of luxury goods, such as cars and jewelry, to Russian elites.

The bloc's earlier restrictions include freezing Russian bank assets held abroad and restricting the Russian central bank's access to $630 billion in foreign-currency reserves held abroad.

Britain also announced a ban on exports to Russia of luxury goods and import tariffs on products including Russian vodka on Tuesday.

"Our new tariffs will further isolate the Russian economy from global trade, ensuring it does not benefit from the rules-based international system it does not respect." Chancellor Rishi Sunak said.

--Editing by Ed Harris.

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