The EU has imposed sanctions against Russia due to the illegal invasion of Ukraine. The sanctions remain necessary to further increase pressure on Russia. This week, Russia also bombarded innocent civilians in Ukraine. Sanctions make it harder for Russia to continue funding the war.

55 new individuals and companies on the sanctions list

The EU has added another 14 individuals and 41 companies to the sanctions list, responsible for undermining or threatening the independence and borders of Ukraine. Or for helping Russia circumvent sanctions. This brings the total to over 2,500 individuals and companies on the sanctions list.

Sanctions against Russian energy revenues

With the new sanctions package, the EU aims to reduce Russian revenues from energy. For example, by further lowering the price cap on oil. Oil exports still represent a third of the Russian governments revenue.

The EU also imposes a ban on all transactions with or for Nord Stream 1 & 2. The goal is that these pipelines will never be used again. This shows EU countries that there is no future for Russian fossil fuels in the EU.

Measures against the Russian shadow fleet

The EU imposes additional sanctions on another 105 ships from the Russian shadow fleet. These ships are involved in circumventing the oil price cap or transporting military goods or stolen Ukrainian grain. With the sanctions, the ships will no longer have access to European ports and services. This ban now applies to 444 ships. With these sanctions, we hit the Russian war chest and protect our coasts.

Sanctions against another 22 banks

The EU has also imposed new sanctions against another 22 Russian banks. These banks are cut off from international payment systems. Additionally, the EU makes it easier to impose sanctions against financial institutions in other countries that assist Russia in its aggressive war against Ukraine and circumvent sanctions.

Sanctions against the Russian National Investment Fund

The EU imposes a transaction ban against the Russian National Investment Fund and various projects in which this Fund invests. The goal of the sanctions against the Russian National Investment Fund is to slow down Russian economic growth in the long term. This makes it even more difficult for Russia to continue funding the war.

The sanctions against Russia hit the Russian treasury. Among other things, € 300 billion from the Russian Central Bank is blocked in the EU and G7 countries. Over € 21 billion in private assets has been frozen. And Russia misses out on about € 91 billion in exports to the EU. Money that Russia cannot use to wage war. Read also the article: Do sanctions work?

Export restrictions also mean that Russia has less access to high-quality technology, such as aircraft parts and computer chips.

Ongoing commitment of the European Union

The European Union continues to commit to supporting Ukraine in its right to self-defense against Russian aggression. And to build a peaceful, democratic, and prosperous future. A complete overview of the sanctions can be found on the EUs sanctions page. See also the EU timeline of sanctions against Russia.