The European Union Announces the Twentieth Package of Sanctions on Russia

SadaNews - The European Union announced the twentieth package of sanctions on Russia, which includes the energy, financial services, and trade sectors, along with a complete ban on marine services for Russian oil.

Ban on Marine Services for Transporting Russian Oil

The sanctions proposal, released on Friday by the European Commission, the EU's executive arm, includes a total ban on marine services for Russian crude oil. If the step receives support from member states, it could lead to a ban on European companies providing services such as insurance and transportation necessary for the shipment of Russian oil, regardless of the price of the commodity.

Imposing a comprehensive ban on marine services could significantly tighten the restrictions on Russian oil and make the implementation of the sanctions easier.

European Commission President von der Leyen stated in a statement on Friday that the sanctions include an additional 43 ships on the shadow fleet, bringing the total number of vessels listed in the sanctions to 640 ships.

The proposed sanctions come as the Russian war in Ukraine approaches 1500 days.

A significant focus of the EU's attention is on reducing Russia's oil revenues, which are viewed as vital for sustaining the Kremlin's war against Ukraine and supporting the broader economy. Russian oil flows have dropped to their lowest levels since the invasion began, due to American and European sanctions and falling prices. Prices have risen slightly in recent days, with U.S. President Donald Trump threatening Iran with military strikes if it does not reach a nuclear agreement.

Sanctions on Regional Russian Banks

The proposed sanctions include an additional 20 regional Russian banks. Von der Leyen also announced measures against cryptocurrencies, trading companies, and platforms offering trading in them.

This package aims to further constrain the Russian banking system and its ability to establish alternative payment channels to finance economic activity. Von der Leyen clarified, "This is Russia's weakness, and we are putting significant pressure on it."

The sanctions also target "several banks in third countries involved in facilitating illicit trade in sanctioned goods."

All EU member states must approve this package before it can take effect. Von der Leyen urged member states to agree to the package before the fourth anniversary of the Russia-Ukraine war at the end of February.

Ban on Russian Goods

Among the new package, export restrictions to Russia will be tightened by imposing a new ban on various goods and services, ranging from rubber to tractors and cybersecurity services, valued at over 360 million euros.

The EU also intends to impose a new ban on the import of metals, chemicals, and critical minerals that have not yet been sanctioned, valued at over 570 million euros.

The bloc plans to activate the "anti-circumvention tool" for the first time by banning the export of any computer-controlled digital machinery and radio equipment to areas with a high risk of re-exporting these products to Russia.

Von der Leyen stated in the announcement that "Russia will not sit at the negotiation table with sincere intentions unless it is put under pressure. This is the only language it understands," adding, "That is why we are escalating our position today."