EU unveils 21st sanctions package against Russia, targeting energy and finance

The European Commission has unveiled its 21st sanctions package against Russia, intensifying pressure on Moscow over its ongoing war in Ukraine. The new measures focus on key sectors with significant impact, including energy, finance, cryptocurrency, trade, and for the first time, fishing.

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Today we present the 21st package of sanctions. We are focusing on the sectors with the most impact: energy, the financial sector and cryptocurrency, trade, and for the first time, we are including fishing.

European Commission President Ursula von der Leyen stated that the sanctions are "working" to weaken the economic pillars supporting Russia's war effort. The package proposes a temporary suspension of the Russian oil price cap until January of the following year. This move aims to allow oil markets to stabilize while maintaining pressure on Russia's revenue streams. Additionally, the EU will continue to target the "shadow fleet" of oil tankers, proposing to add 30 more vessels to the existing list of 632 sanctioned ships. Sanctions will also extend to vessels supporting this parallel fleet and critical infrastructure like ports and refineries involved in trading or processing Russian oil.

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European sanctions against Moscow are working and are weakening the economic pillars of Russia's effort to continue the war in Ukraine.

High Representative of the Union for Foreign Affairs and Security Policy, Kaja Kallas, detailed that the sanctions will target banks, arms manufacturers, oil operators, refineries, and cryptocurrency operators in third countries. The package specifically aims to disrupt Russia's production capabilities by imposing export controls on approximately 50 companies, including entities based in China, Turkey, Kyrgyzstan, Kazakhstan, the United Arab Emirates, and India. New export restrictions will also cover materials and technologies like high-performance metals and alloys.

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This will give oil markets time to stabilize, while maintaining pressure on Russia's revenues.

Furthermore, the EU will restrict imports of additional items, such as auto parts, various precious metal minerals, and chemicals. The sanctions package also includes a ban on former Russian combatants entering the European Union. The EU maintains that these measures are designed to weaken Russia's economic base and its ability to sustain the conflict in Ukraine.

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We are also targeting companies that provide support to the Russian military-industrial complex. The new lists will cover more than 30 designations in drone manufacturing, as well as new export control measures for 50 companies, including entities based in China, Turkey, Kyrgyzstan, Kazakhstan, the United Arab Emirates, and India.