The European Union is working on the 19th package of sanctions against the Russian Federation to increase economic pressure and compel the Kremlin to agree to peace negotiations regarding Ukraine. The new measures will target not only Russian banks and oil and gas companies but also cryptocurrency exchanges and payment systems in Russia.
This is reported by Business • Media
Coordination of Sanctions with the US and Key Restrictions
Approximately six of the largest banks and energy corporations in Russia are expected to be included in the list. Sanctions against payment and credit card systems, restrictions for cryptocurrency exchanges, and new bans on oil trading are also being considered. The EU plans to prohibit the reinsurance of tankers transporting Russian oil.
“We must increase our pressure on Russia to agree to peace negotiations. This is what we are currently doing together with the United States. We are coordinating our efforts to align sanctions and make them more effective,” said European Council President António Costa at a briefing in Helsinki.
This week, European officials are heading to Washington for detailed discussions and coordination of the sanctions package with their American counterparts. US officials emphasize the need for synchronized actions, particularly regarding secondary tariffs and additional restrictions on the Russian energy sector. US Treasury Secretary Scott Bessent confirmed on NBC that Washington expects decisive actions from the EU in response to Russia’s aggression against Ukraine.
Potential New Measures and Expansion of Sanctions
- Sanctions against the “shadow” fleet of Russian oil tankers and companies involved in circumventing restrictions.
- Export restrictions to Russia on dual-use goods and chemicals for the military industry.
- Cancellation of exemptions previously applied to Rosneft and other major Russian oil and gas companies.
- Implementation of a tool to counteract sanctions evasion concerning Kazakhstan, which, according to the EU, supplies equipment to the Russian defense industry.
- Prohibition of reinsurance for tankers carrying Russian oil and restrictions on servicing sanctioned vessels in European ports.
Additionally, restrictions on visa issuance and the provision of artificial intelligence services that could be used for military purposes are being considered. The expansion of the sanctions list will also affect traders in third countries who assist Russia in circumventing existing restrictions.
The announcement of the preparation of a new package coincided with another massive Russian attack on Ukraine’s energy infrastructure, resulting in power outages in several regions, including Kyiv.
It is worth noting that restrictions on Russia’s cryptocurrency industry are already in effect not only in the EU but also in Ukraine and the United Kingdom, which have imposed sanctions on Russian cryptocurrency operations and related schemes.