EU to target Russian banks in 20th sanctions package – Bloomberg

The European Union is planning to include new restrictions on Russian banks, oil companies and financial institutions in third countries in its 20th package of sanctions against Russia.

Source: Bloomberg, citing sources familiar with the matter

Details: Bloomberg sources reported that the EU also intends to impose sanctions on cryptocurrency services and financial organisations in third countries that help Russia circumvent existing restrictions.

A separate element of the package will focus on expanding sanctions against Russia's shadow fleet. The list is expected to include additional vessels used by Russia to transport oil in circumvention of international restrictions.

The sources do not rule out that the EU may, for the first time, formally activate its anti-circumvention mechanism. This would ban the export of machine tools and certain types of radio equipment to Kyrgyzstan, a route through which such goods are believed to reach Russia.

The package may also include further trade restrictions on companies and goods essential for Russia's weapons production and a ban on the import of certain metals from Russia.

Background:

• On 29 January, Kaja Kallas, EU High Representative for Foreign Affairs and Security Policy, said the 20th package of sanctions against Russia is scheduled to be approved on 24 February.
• France reportedly wants the 20th package to be "particularly tough" on the "shadow fleet".
• The European Union is discussing a proposal to replace the current price cap on Russian oil with a full ban on its transportation.
• In addition, the 20th package may include tighter restrictions on Russian mineral fertilisers, which remain the third-largest category of Russian exports to the EU, and additional bans on the export of dual-use goods to Russia.

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