EU formally adopts new Russia sanctions package: this time targeting financial services and cryptocurrencies

The Council of the EU on 23 July formally adopted a new package of sanctions against Russia which, as stated, "delivers a powerful blow to Russian energy, financial services and cryptocurrencies".

Source: press release from the Council of the EU, as reported by European Pravda

Details: The new package includes tough economic sanctions targeting the sectors with the greatest impact on Russia's economy and its ability to finance the war against Ukraine.

It also contains the largest list of designated individuals and entities in the past four years, totalling 218 entries, of which 48 are individuals and 170 are legal entities.

The EU stressed that this package is aimed at further undermining Russia's economy and war machine.

It was adopted in response to Russia's recent brutal strikes on civilian infrastructure, including energy, water supply and healthcare facilities, as well as cultural and religious sites.

Quote from EU chief diplomat Kaja Kallas: "We're hitting over a hundred banks and crypto operators, 40+ vessels in Russia's shadow fleet, and several oil refineries in Russia and Belarus. More than 50 military-industrial entities are included, key actors involved in the production of Russia's long-range drones. Russia will only negotiate to end its illegal war and stop killing civilians if it is pressured to do so. Sanctions add to this pressure."

The package also lays the groundwork for a comprehensive visa ban on combatants and former combatants of the Russian armed forces, as well as other proxy groups participating in the war in Ukraine.

The 21st sanctions package was finally agreed at EU ambassador level on the morning of 23 July, after its adoption had been blocked by individual countries for various reasons, the latest of which was Greece.

President Volodymyr Zelenskyy said earlier that the EU had incorporated Ukrainian proposals in the new sanctions package against Russia.

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