The European Commission has proposed a 21st package of sanctions against Russia, targeting energy revenues, banks and crypto-asset services, trade in military-related goods and fisheries, and proposing an entry ban for people who have served in the Russian Armed Forces since the start of the war.
The new measures focus on “the sectors with the highest impact” — energy, financial services and crypto, and trade — and would include fisheries for the first time, European Commission President Ursula von der Leyen stated on Tuesday.
On energy, the Commission is proposing to pause the adjustment mechanism of the oil price cap until January next year, saying the mechanism “was not made for market shocks like the one caused by the closure of the Strait in Hormuz.”
The package would also expand measures against Russia’s so-called shadow fleet — vessels used to move oil in ways that can bypass restrictions — by listing 30 more ships on top of 632 already sanctioned, and for the first time targeting vessels that assist the fleet by providing services such as bunkering.
The Commission is also proposing restrictions on selling LNG tankers to Russia, and measures targeting infrastructure such as ports, airports and refineries trading or processing Russian oil.
Banks, crypto services and trade restrictions
On financial measures, the Commission wants to expand transaction bans to 31 more Russian banks, and to add 20 entities in third countries — including banks, crypto firms or platforms and oil traders — accused of servicing sanctioned Russian entities or helping to circumvent EU measures, von der Leyen said.
It is also proposing, for the first time, the possibility of a full third-country ban for crypto-asset services, which are services linked to digital assets such as cryptocurrencies.
Trade proposals include new export restrictions on items and technologies used by Russia’s military industry, including more metals and alloys used in aerospace and defence, and new bans linked to drones such as ground support equipment and jamming and launch systems.
The Commission is also proposing new import bans on goods worth €60 million, including certain metals, metal ores and car parts.
Fisheries would be covered for the first time, with “substantial restrictions” on imports of some fish products and a complete ban on others — including cod — while trade restrictions for Belarus would be aligned so it cannot serve as a “backdoor” for Russian trade.
Von der Leyen also said the EU would propose banning entry to the bloc for anyone who has served in the Russian Armed Forces since the beginning of the war.
Separately, she pointed out that the EU delivered almost €3 billion from the Ukraine Facility on the previous day, and that it would issue the first disbursement under a €90 billion loan to Ukraine later this month, bringing funding by the end of the month to €6 billion for drones and more than €3 billion in macro-financial assistance.
