Unfortunately, over the past month, Russia has shown the full extent of its contempt for diplomacy and international law. It has launched some of the largest-scale drone and missile attacks against Ukraine since the beginning of the war, striking government buildings and civilian homes alike, hitting our EU office in Kyiv, the representation of our Union. The threats to our Union are also rising. In the last two weeks, Russian Shahed drones have violated our Unions airspace in both Poland and Romania. These are not the actions of someone who wants peace. Again and again, President Putin has escalated. And in response, Europe is increasing its pressure. This is why today I am presenting our 19th package of sanctions.
First, on energy. Russias war economy is sustained by revenues from fossil fuels. We want to cut these revenues. So we are banning imports of Russian LNG into European markets. It is time to turn off the tap. We are prepared for this. We have been saving energy, diversifying supplies and investing in low-carbon sources of energy like never before. Today, these efforts pay off. Then, we have just lowered the crude oil price cap to 47.6 USD. To strengthen enforcement, we are now sanctioning 118 additional vessels from the shadow fleet. In total, more than 560 vessels are now listed under EU sanctions. Major energy trading companies Rosneft and Gazpromneft will now be on a full transaction ban. And other companies will also come under asset freeze. We are now going after those who fuel Russias war by purchasing oil in breach of the sanctions. We target refineries, oil traders, petrochemical companies in third countries, including China. In three years, Russias oil revenues in Europe have gone down by 90%. We are now turning that page for good.
Second, we are targeting the financial loopholes which Russia uses to evade sanctions. We are putting a transaction ban on additional banks in Russia and on banks in third countries. We are stepping up our crackdown on circumvention. As evasion tactics grow more sophisticated, our sanctions will adapt to stay ahead. Therefore, for the first time, our restrictive measures will hit crypto platforms. and prohibit transactions in crypto currencies. We are listing foreign banks connected to Russian alternative payment service systems. And we are restricting transactions with entities in special economic zones.
Coming to my third point. We add new direct export restrictions for items and technologies used on the battlefield. We also list 45 companies in Russia and third countries. These companies have been providing direct or indirect support to the Russian military industrial complex. In a war driven by innovation, cutting off Russias access to key technologies is crucial. Above all when it comes to drones.
Our economic analysis is clear – our sanctions are severely affecting Russias economy. The interest rate is at 17%. Inflation is persistently high. Russian access to financing and revenues are consistently decreasing. And Russias overheated war economy is coming to its limits. Even more interesting is that when speaking directly with partners that speak to Russia, they say that among the first Russian requests is, sanctions relief. We know that our sanctions are an effective tool of economic pressure. And we will keep using them until Russia comes to the negotiation table with Ukraine for a just and lasting peace.
In parallel, as I announced last week, we are working on a new solution to finance Ukraines defence efforts based on the immobilised Russian assets. We must be very clear: This is Russias war, and the perpetrator must pay for it. With the cash balances associated to these Russian assets, we can provide Ukraine with a Reparations Loan. The assets themselves will not be touched. And the risk will have to be carried collectively. Ukraine will only pay back the loan once Russia pays reparations. We will come forward with a proposal soon.
Finally, we are aligning our sanctions with our G7 partners, under the steer of the Canadian presidency. And to support Ukraine in its fight for freedom, we are also working in lockstep with the Coalition of the Willing. Europe has been by Ukraines side from the very beginning. Faced with Russias escalation, Europe stepped up to the challenge. We will continue to use all the tools at our disposal to bring this brutal war to an end. I now call on the Member States to quickly endorse these new sanctions. We want Russia to leave the battlefield and come to the negotiating table. This is the way to give peace a real chance.
Thank you.
