European Commission President Ursula von der Leyen recently unveiled the European Union’s (EU) 19th package of sanctions against Russia. These are sanctions on the energy front, targeting the financial loopholes that Russia uses to evade sanctions and new direct export restrictions for items and technologies used on the battlefield.

“We are aligning our sanctions with our G7 partners, under the steer of the Canadian presidency,” von der Leyen said in an official statement announcing the sanctions.

The European Commission has announced the EU’s 19th package of sanctions against Russia.
These are sanctions on the energy front, targeting the financial loopholes that Russia uses to evade sanctions and new direct export restrictions for battlefield items and technologies.
The Commission is also working on a new solution to finance Ukraine’s defence efforts based on the immobilised Russian assets.

The Commission is banning imports of Russian LNG into European markets. “We have been saving energy, diversifying supplies and investing in low-carbon sources of energy like never before….Then, we have just lowered the crude oil price cap to $47.6. To strengthen enforcement, we are now sanctioning 118 additional vessels from the shadow fleet. In total, more than 560 vessels are now listed under EU sanctions,” she said.

Major energy trading companies Rosneft and Gazpromneft will now be on a full transaction ban. And other companies will also come under asset freeze.

“We are now going after those who fuel Russia’s war by purchasing oil in breach of the sanctions. We target refineries, oil traders, petrochemical companies in third countries, including China. In three years, Russia’s oil revenues in Europe have gone down by 90 per cent. We are now turning that page for good,” she said.

The Commission is putting a transaction ban on additional banks in Russia and on banks in third countries.

“We are stepping up our crackdown on circumvention. As evasion tactics grow more sophisticated, our sanctions will adapt to stay ahead. Therefore, for the first time, our restrictive measures will hit crypto platforms, and prohibit transactions in crypto currencies. We are listing foreign banks connected to Russian alternative payment service systems. And we are restricting transactions with entities in special economic zones,” she said.

The Commission is adding new direct export restrictions for items and technologies used on the battlefield. It has listed 45 companies in Russia and third countries that have been providing direct or indirect support to the Russian military industrial complex.

“We know that our sanctions are an effective tool of economic pressure. And we will keep using them until Russia comes to the negotiation table with Ukraine for a just and lasting peace,” she reiterated.

In parallel, the Commission is also working on a new solution to finance Ukraine’s defence efforts based on the immobilised Russian assets. With the cash balances associated to these Russian assets, Ukraine can be provided with a reparations loan, she noted.

“The assets themselves will not be touched. And the risk will have to be carried collectively. Ukraine will only pay back the loan once Russia pays reparations. We will come forward with a proposal soon,” she added.

Fibre2Fashion News Desk (DS)