European Union (EU) Adopts 19th Sanctions Package Against Russia

The EU has imposed sanctions on Russia due to the illegal invasion of Ukraine and the Russian attacks deliberately targeting residential areas, hospitals, power plants, and water supplies. The sanctions remain necessary to increase pressure on Russia. Sanctions make it harder for Russia to finance the war.

New Sanctions on Russian Energy Revenues

With the new sanctions package, the EU aims to further reduce Russian energy revenues. A key new measure is a ban on the import of Russian liquefied natural gas (LNG) into the EU. The EU also takes measures against companies from other countries that facilitate Russian energy revenues, including 2 refineries and an oil trader.

Measures Against the Russian Shadow Fleet

The EU imposes additional sanctions on another 117 ships from the Russian shadow fleet. These ships are involved in circumventing the oil price cap, transporting military goods, or stolen Ukrainian grain. With the sanctions, these ships no longer have access to European ports and services. This ban now applies to 557 ships. These sanctions hit the Russian war chest and protect our coasts.

Financial Measures

Russia increasingly uses crypto to circumvent sanctions. To this end, the stablecoin A7A5 was developed with support from the Russian state. This cryptocurrency has become an important instrument for Russia to finance the war in Ukraine. Therefore, sanctions are imposed on the developer of A7A5, the issuer of the cryptocurrency, and a platform where much of this coin is traded. Transactions with A7A5 are banned throughout the EU.

There is also now a transaction ban for 8 banks and oil traders from Tajikistan, Kyrgyzstan, the United Arab Emirates, and Hong Kong who circumvent EU sanctions. Additionally, transaction bans apply to 5 Russian banks and 4 banks from Belarus and Kazakhstan.

Russian Diplomats in the Schengen Area

There will be stricter controls on Russian diplomats who want to travel outside their country of accreditation within the Schengen area. These measures aim to better protect Ukraine and the EU against increased hybrid threats from Russia.

69 New Individuals and Companies Added to the Sanctions List

The EU has added another 69 individuals and companies to the sanctions list. This includes 11 people involved in the kidnapping, forced adoption, assimilation, and indoctrination of Ukrainian children, and 45 companies supporting the Russian war industry by circumventing sanctions on (military) technology. The EU has also added Russias largest gold producer to the sanctions list to further limit Russian war revenues.

Export Ban on More Products

EU countries have agreed to ban the export of more products to Russia. This includes certain electronic components, rangefinders, and more chemicals and metals that Russia can use for its war industry.

The sanctions against Russia impact the Russian treasury. Approximately €300 billion of the Russian Central Banks assets are blocked in the EU and G7 countries. Over €21 billion in private assets are frozen. Russia loses 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 reduce Russias access to advanced technology, such as aircraft parts and computer chips.

The European Union continues to support Ukraines 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 EU sanctions page. See also the EU timeline of sanctions against Russia.