The European Union and Britain on Tuesday announced additional sanctions against Russia, including the revocation of its "most favored nation" trade status.

US President Joe Biden also announced the same measures on Friday.

If implemented, high tariffs are expected on imports from Russia.

EU says there is no change in the policy of continuing to import natural gas and oil from Russia for the time being. But it will in principle ban new investment in the energy sector.

It will also ban imports of Russian steel products, for which the EU is the main market.

It will also ban exports of luxury goods, such as luxury cars and jewelry, to "directly hit Russian elites."

Meanwhile, Britain also announced on Tuesday that it will remove Russia from its list of most favored countries for trade.

Additional tariffs of 35 percent will be imposed on hundreds of imports from Russia, including copper and aluminum, as well as vodka.

British Chancellor of the Exchequer Rishi Sunak stressed the effects of the sanctions, saying, "Our new tariffs will further isolate the Russian economy from global trade."

The Group of Seven industrialized nations said in a joint statement on Friday that they will work together to revoke Russia's "most favored nation" trade status.