European Commission Proposes 21st Sanctions Package Against Russia

The European Commission has introduced a 21st package of sanctions against Russia, targeting its energy, financial, and military sectors to further restrict the country's economic capabilities.

Key points

• The proposal includes a travel ban for individuals who served in the Russian Armed Forces since the start of the full-scale invasion of Ukraine.
• New measures target 31 Russian banks and impose stricter controls on the sale of liquefied natural gas (LNG) tankers.
• The package introduces export controls on over 50 companies across various countries, including China, Turkey, and India, for supporting the Russian military.
• Sanctions are extended to the Russian fishing industry, including a potential ban on the import of specific products like cod.
• The EU plans to freeze Russian assets in approximately 90 banks and impose new restrictions on crypto-asset operations.

Why it matters

This sanctions package represents a significant escalation in the EU's efforts to isolate Russia's economy and military infrastructure by targeting both domestic entities and international intermediaries.