EU Adopts 21st Sanctions Package Against Russia: Banks, Crypto, and Shadow Fleet Hit.

EU’s 21st Sanctions Package Targets Russia

According to UATV: The European Union has approved its 21st sanctions package against Russia, introducing fresh restrictions on the banking sector, cryptocurrency platforms, shadow fleet vessels, and companies supporting Russia’s military-industrial complex. This latest round also includes new visa limitations for former Russian military personnel and extends the oil price cap for another year.

Key Measures in the New Sanctions

Among the main provisions in the new package are:

• Restrictions on over 100 Russian banks, now subject to a transaction ban.
• 41 additional ships added to the sanctions list, bringing the total to 673.
• 218 new entities placed under sanctions.
• New export curbs on materials used for drone and aerospace production.

A notable element is the one-year extension of the oil price cap, with the possibility of freezing this mechanism until July 2027. It is worth noting that the sanctions do not apply to Russian liquefied natural gas (LNG) supplies to third countries under contracts signed before February 24, 2022.

“The restrictions cover over a hundred banks and crypto operators, more than 40 shadow fleet vessels, and several oil refineries in Russia and Belarus,” said Estonian Prime Minister Kaja Kallas.

She emphasized the importance of this sanctions package in maintaining pressure on the Russian economy.

“I welcome the agreement on the 21st sanctions package against Russia,” said European Commission President Ursula von der Leyen.

This new sanctions package represents another step in the European Union’s efforts to counter Russian aggression and uphold international security. The adoption of the 21st sanctions package demonstrates the EU’s continued policy of pressuring Moscow in response to its military actions. By targeting key economic sectors, the EU aims to reduce Russia’s financial capacity and deepen its international isolation. This strategy includes controlling vital resources like oil and curbing technology supplies that could be used for military purposes.