EU targets Russia’s oil, banks, and shadow fleet in new sanctions package
Ambassadors from the 27 EU member states agreed on the 18th sanctions package against Russia during a morning meeting on Friday, according to EU High Representative for Foreign Affairs Kaja Kallas.
“We are standing firm. The EU just approved one of its strongest sanctions package against Russia to date,” Kallas stated.
She said the measures will further cut the Kremlin’s war budget, target 105 additional shadow fleet vessels and their enablers, and restrict Russian banks’ access to funding.
The new package also includes a ban on Nord Stream pipeline operations, a reduced price cap on Russian oil, and sanctions against entities involved in the indoctrination of Ukrainian children.
“We are putting more pressure on Russia’s military industry, Chinese banks that enables sanctions evasion, and blocking tech exports used in drones,” Kallas added.
For the first time, the EU sanctions target a flag registry and Rosneft’s largest oil refinery in India.
However, the package requires formal approval later today at the EU Council’s General Affairs Council meeting, public broadcaster Suspilne reported.
Background
On June 10, the European Commission proposed the 18th sanctions package against Russia. Slovakia vetoed it six times, citing concerns over plans to phase out Russian gas supplies.
Bratislava demanded guarantees of sufficient gas at reasonable prices and later requested permission to receive Russian gas until 2034. Ultimately, Slovak Prime Minister Robert Fico ceased blocking the package.
Additionally, one EU member state, reportedly Malta, raised technical objections to revising the Russian oil price cap, according to Suspilne.
Estonia insisted the oil price cap reduction remain in the package, threatening to block the sanctions if it was excluded.
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