Von der Leyen presents EU's 20th sanctions package against Russia

The European Commission has presented a draft of the new, 20th sanctions package of the European Union against Russia, with a primary focus on energy, financial services and trade.

Source: European Commission President Ursula von der Leyen in a statement, as reported by European Pravda

Details: The EU's 20th sanctions package against Russia will hit Russian energy exports, restrict financial services and introduce a range of trade limitations.

The 20th sanctions package must now be discussed and approved by the Council of the EU, and its adoption requires unanimous support from all 27 EU member states.

"The new package of sanctions covers energy, financial services and trade. On energy, we introduce a full maritime services ban for Russian crude oil," von der Leyen stated.

It is planned that this measure "will slash further Russia's energy revenues and make it more difficult to find buyers for its oil".

Quote: "As shipping is a global business, we propose to enact this full ban in coordination with like-minded partners after a decision of the G7. We are listing 43 more vessels part of the shadow fleet – reaching 640 in total."

Details: The EU will also make it more difficult for Russia to acquire tankers to be used for the shadow fleet and is introducing bans on the provision of technical maintenance and other services for liquefied natural gas (LNG) tankers and icebreakers, in order "to further dent gas export projects".

"This complements our ban on LNG imports agreed with the 19th package and the RepowerEU Regulation," von der Leyen said.

The second block of measures concerns restrictions on Russia's banking system and its ability to create alternative payment channels to finance economic activity.

"We are listing 20 more Russian regional banks, and we will take measures against crypto currencies, companies trading them and platforms enabling crypto trade, to close an avenue for circumvention," the European Commission president said.

She added that the sanctions also target several banks in third countries involved in facilitating illegal trade in sanctioned goods.

The third block of measures introduces new bans on goods and services, ranging from rubber to tractors and cybersecurity services, worth more than €360 million.

Quote: "We also introduce new import bans on metals, chemicals and critical minerals, not yet under sanctions, worth over €570 million. And we introduce further export restrictions on items and technologies used for Russia's battlefield effort, such as materials used to produce explosives. We propose a quota on ammonia to cap existing imports."

Background:

• European Pravda previously reported that the publication by the European Commission of the contents of the EU's 20th sanctions package against Russia was somewhat delayed due to discussions surrounding the proposal for a full ban on the provision of maritime services in EU ports to all vessels transporting Russian oil.
• The European Commission was expected to publish its proposal on the contents of the package earlier this week.
• It is known that France had insisted that the EU's 20th sanctions package against Russia be "particularly tough" on the shadow fleet.

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