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The European Union’s new sanctions package against Russia will target the energy sector, banks, cryptocurrency platforms and include additional restrictions on foreign trade. European Commission President Ursula von der Leyen announced the proposals while presenting the Commission’s latest sanctions package.
“Our oil price cap has a built-in adjustment mechanism to follow the market. It was not made for market shocks like the one caused by the closure of the Strait in Hormuz. So we propose to simply pause the adjustment until January next year,” von der Leyen said.
It should be recalled that oil prices have risen amid the conflict in the Middle East, meaning that the price cap on Russian oil would normally increase as well. The European Commission proposes keeping it at its current level.
In addition, the Commission proposes adding another 30 vessels to the sanctions list targeting Russia’s shadow fleet. The list already includes 632 ships.
“For the first time, we are also targeting vessels that assist the shadow fleet – providing bunkering and other services for example. And we propose targeting critical infrastructure, such as ports, airports, refineries trading or processing Russian oil. Finally, we propose restricting the sale of LNG tankers to Russia, just as we already did for oil tankers,” she said.
The Commission is also proposing sanctions against an additional 31 Russian banks. Another 20 banks, cryptocurrency companies and platforms, as well as oil traders in third countries, could also be added to the sanctions lists.
“For the first time, we will introduce the possibility of a full third-country ban for crypto-asset services. It will act as a strong deterrent for the countries hosting platforms that help Russia evade our sanctions,” she added.
The package includes restrictions on supplies of metals and alloys that could be used in the aerospace and defence industries. The proposal also includes export bans on ground support equipment for drones, electronic warfare systems and other products.
“We also propose new import bans on a number of goods worth EUR 60 million. For example, it covers certain metals, metal ores or car parts. Because we want to lock in Europe’s diversification away from Russian imports,” the European Commission president continued.
For the first time, the Commission is proposing sanctions targeting the fishing industry.
“We propose substantial restrictions on imports on some fish products, and a complete ban on others, including cod. And we will be aligning trade restrictions for Belarus. So it cannot serve as a backdoor for Russian trade,” Ursula von der Leyen added.
Finally, the European Commission’s proposals include a ban on entry into the European Union for anyone who has served in the Russian armed forces since the start of the war against Ukraine.
“So, Europe stays off limits for anyone who has participated in the invasion of Ukraine,” von der Leyen concluded.
She also pledged that Ukraine would receive €6 billion for drones by the end of the month, as well as more than €3 billion in macro-financial assistance.
“In the next days, we will open the first cluster with Ukraine and Moldova. This basically opens the door to the next phase of the accession process: The formal start of accession negotiations. And I do not need to tell you that the Commission stands fully ready to support Ukraine on its path to our European Union where it belongs,” she said.
It should be noted that the 21st sanctions package must still be discussed by EU member states before it can be adopted in its final form. Sanctions packages have often been modified following such discussions.
According to EU High Representative for Foreign Affairs and Security Policy Kaja Kallas, the sanctions lists will also include more than 30 entities involved in drone production. The package will introduce new export control measures targeting 50 companies, including firms based in China, Turkey, Kyrgyzstan, Kazakhstan, the United Arab Emirates and India.