The European Union has approved the 19th sanctions package against the Russian Federation, intensifying pressure on the aggressor country’s economy and limiting its ability to finance the war against Ukraine. The new package includes restrictions for banks and cryptocurrency exchanges that Russia uses to circumvent previously imposed sanctions.
This is reported by Business • Media
Restrictions on LNG Imports and Blacklist of Vessels
For the first time in the history of EU sanctions policy, a gradual ban on the import of Russian liquefied natural gas (LNG) has been implemented. This restriction will take effect in six months for short-term contracts, and from January 1, 2027, for long-term agreements. This move will significantly reduce Moscow’s revenue from energy resource exports to EU countries.
Significant attention has also been given to the so-called shadow fleet of Russia: 117 vessels have been sanctioned, raising the total number of ships banned from entering EU ports to 558.
Expansion of Financial Restrictions and Export Controls
The European Union has tightened restrictions in the financial sector, including an expansion of the ban on the use of Russian payment cards “Mir” and limitations on Russia’s access to financial messaging systems.
The new package also includes a ban on the export to Russia of a range of goods that could be used in the country’s military-industrial complex. The total value of these goods exceeds €40 billion.
In addition to economic measures, the EU has implemented diplomatic restrictions concerning the movement of Russian diplomats within the European Union.
The European Union has adopted the 19th sanctions package against Russia, aimed at further limiting its ability to finance the war against Ukraine. Sanctions have been imposed on banks and cryptocurrency exchanges that Russia uses to evade previous restrictions. The sanctions also affect organizations in third countries, including India and China, that assist Russia in obtaining critical goods and technologies despite international restrictions.