The European Commission has prepared the 20th package of sanctions against Russia. It may be approved by the fourth anniversary of the aggressor country's full-scale invasion of Ukraine.
Points of attention
- The European Commission has developed the 20th package of sanctions against Russia, focusing on restrictions on maritime services for Russian crude oil and 'shadow fleet' vessels.
- New sanctions aim to undermine Moscow's oil revenues and target Russia's financial sector, with plans to add 20 regional banks to the sanctions list.
20th package of EU sanctions against Russia: energy and the "shadow fleet"
The new restrictions are set to further undermine Moscow's oil revenues.
This was stated by EC President Ursula von der Leyen.
The measures proposed by the EC include:
a complete ban on maritime services for Russian crude oil (in coordination with the G7);
sanctions against another 43 "shadow fleet" vessels (the total number on the list will be 640);
a ban on servicing LNG tankers and icebreakers, which affects Russia's gas export projects.
Russia's fiscal 2025 oil and gas revenues fell 24% from the previous year, the lowest level since 2020, widening the budget deficit. Oil and gas revenues in January will be the lowest since the start of the war.
Ursula von der Leyen
President of the European Commission
The European Commission proposes to increase pressure on the financial sector, which von der Leyen called Russia's "weak point."
According to the European Commission's plans, 20 regional banks in the Russian Federation will be added to the sanctions list.
Measures are also planned against cryptocurrency companies and platforms that help circumvent sanctions. Third-country banks that facilitate illegal trade should also be subject to sanctions.
The new package also includes export restrictions on goods (from tractors to cybersecurity services) worth more than €360 million and import bans on metals and minerals worth €570 million.
According to the package proposed by the EC, it is planned to activate the anti-circumvention tool for CNC machine tools for the first time.
I urge Member States to swiftly approve these new sanctions. This will send a powerful signal on the eve of the somber 4th anniversary of this war: our commitment to a free and sovereign Ukraine is unwavering.
Earlier, the head of European Union diplomacy, Kaia Kallas, stated that the 20th package of sanctions against Russia is planned to be adopted on February 24, the fourth anniversary of Russia's full-scale invasion of Ukraine.
