The EU has proposed a 21st package of sanctions against Russia for its war in Ukraine, heavily targeting the country’s banks and crypto networks as well as drone production, oil traders and refiners, EU chief diplomat Kaja Kallas said on Tuesday, Reuters reports.
The new package will propose listing 170 individuals and entities. These include close to 90 banks – the biggest in one go – and would take the total number of listed banks to over 100, or more than half of Russia’s 213 internationally connected lenders.
The package proposes transactions bans on 35 banks – four of which are outside Russia – as well as 11 crypto platforms that help Russia evade Western restrictions including in third countries.
European Commission President Ursula von der Leyen said the package lays the basis for future tougher measures on crypto at country level.
“… we will introduce the possibility of a full third country ban for crypto asset services. It will act as a strong deterrent for the countries hosting platforms that help Russia evade our sanctions,” von der Leyen told reporters.
Kyrgyzstan was the first third country hit by the EU’s anti-circumvention tool in part for its role in Russian crypto transactions. The 20th package of sanctions banned EU sales of metal-cutting machinery and telecoms machines.
The Commission proposes to freeze the oil price cap at its current level for six months to avoid rewarding Moscow with higher revenues thanks to the Iran war. The current level is $44.10, well below Brent oil futures which are trading above $90 a barrel.
In addition, the listings include a third country oil refiner and oil traders. The Commission proposes to tighten restrictions on Russian liquefied natural gas (LNG), such as tanker resales; list 30 more vessels in Russia’s shadow fleet; and expand the listing criteria to vessels involved in refuelling sanctioned ships or offloading cargo.
The package also includes import restrictions on fish for the first time as well as import and export restrictions on high-performance metal alloys critical for defence and aerospace.
