EU Approves 21st Sanctions Package Against Russia, Expanding Restrictions on Banks, Oil and Crypto
Economy
The European Union has approved its 21st package of sanctions against Russia, significantly expanding existing restrictive measures. The new package targets the banking sector, oil trade, and digital asset businesses while introducing additional restrictions on vessels linked to Russia's so-called shadow fleet.
European Commission President Ursula von der Leyen announced that EU member states had reached agreement on the new sanctions package. According to her statement, the measures prohibit transactions with an additional 32 Russian banks. Restrictions also extend to cryptocurrency companies and platforms involved in oil trading.
Von der Leyen said the European Union has also fixed the price cap on Russian oil at $44.1 per barrel. The package further introduces sanctions against vessels that, according to the EU, assist Russia's shadow fleet.
The President of the European Commission also stated that the bloc had taken "an important step" toward formally banning Russian military personnel from entering the European Union, although she did not provide further details regarding the proposal.
According to Reuters, citing diplomatic sources, the package includes an exemption allowing shipments of Russian liquefied natural gas (LNG) to third countries for a period of 12 months. The news agency reported that the provision reflects a compromise reached after taking Greece's position into account.
Earlier reports indicated that Greece opposed a complete ban on transporting Russian LNG to third countries, citing concerns for its shipping industry. The compromise ultimately enabled EU member states to finalize and approve the 21st sanctions package.
Von der Leyen said the European Union has also fixed the price cap on Russian oil at $44.1 per barrel. The package further introduces sanctions against vessels that, according to the EU, assist Russia's shadow fleet.
The President of the European Commission also stated that the bloc had taken "an important step" toward formally banning Russian military personnel from entering the European Union, although she did not provide further details regarding the proposal.
According to Reuters, citing diplomatic sources, the package includes an exemption allowing shipments of Russian liquefied natural gas (LNG) to third countries for a period of 12 months. The news agency reported that the provision reflects a compromise reached after taking Greece's position into account.
Earlier reports indicated that Greece opposed a complete ban on transporting Russian LNG to third countries, citing concerns for its shipping industry. The compromise ultimately enabled EU member states to finalize and approve the 21st sanctions package.
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