“The new package of sanctions significantly increases pressure on Russia’s financial sector, further restricting Russia’s access to the capital market, however, the results of negotiations on the 21st package of sanctions showed that EU sanctions policy decisions are increasingly determined by the economic interests of member states,” the minister said in a statement released on Thursday.
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“Such a dangerous trend not only reduces the EU’s ability to increase pressure on Russia but also weakens the impact of already adopted sanctions,” he added.
According to the ministry, the new package further tightens measures against Russia’s shadow fleet – sanctions have been applied to 41 more ships, bringing their total number to 692, and sanctioning criteria are being expanded – an additional possibility to sanction ships that provide fuel supply and ship-to-ship cargo services has been included, and a requirement to report the sale of liquefied natural gas tankers has been established.
Among other things, taking into account the significant recent disruptions in global oil and oil product markets and aiming to reduce Russia’s oil export revenues, the Council decided to suspend the review of the effective Russian oil price cap until July 15, 2027.
According to the Ministry of Foreign Affairs, by January 15, 2027, the European Commission will provide the Council with information on the recalculated oil price cap, and the Council will be able to decide on its modification. If no such decision is made, the currently set limit of 44.10 US dollars per barrel will remain in force.
The new package of sanctions will also increase pressure on Russia’s financial sector: individual sanctions have been imposed on more than 80 Russian banks, and an additional transaction ban will apply to 33 more banks.
The EU continues to consistently tighten restrictive measures against financial and credit institutions and entities providing crypto-asset or payment services that support Russia’s war of aggression against Ukraine.
The ministry states that in order to prevent circumvention of sanctions through third-country jurisdictions, the Council has also established the possibility of prohibiting all transactions with entities established in specific third countries that provide crypto-asset services.
According to Council data, evidence received confirms that third-country entities continue to contribute to Russia’s ability to continue its war of aggression against Ukraine, and in view of this, the Council decided to extend the transaction ban to four more financial institutions located in third countries and 14 crypto-asset service providers.
The ministry emphasizes that with the new package of sanctions, the Council has also extended the prohibition for Russian citizens and natural persons residing in Russia to manage legal entities, entities or institutions established or registered under the law of a member state, to control them or to hold certain positions as members of their governing bodies.
In turn, the Council added 51 new entities to the list of entities directly related to Russia’s military industry supporting the war of aggression against Ukraine: these will be subject to stricter export restrictions related to dual-use goods and technologies, as well as goods and technologies that could be used to strengthen Russia’s defense and security technologies.
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The Council also imposed additional sanctions on two more Russian ports and four airports. In total, EU sanctions will apply to nine Russian ports and 10 Russian airports.
Additional import restrictions have also been established for goods from which Russia derives significant revenues, allowing it to continue its war of aggression against Ukraine, including restrictions on copper, nickel, lead ores, unwrought zinc, rare earth metals, certain inorganic chemicals (zinc oxide and chromium oxides), tall oil, glassware, and car parts.
According to the Ministry of Foreign Affairs, individual restrictive measures have been included, applicable to 216 more individuals and entities responsible for actions that violate Ukraine’s territorial integrity, sovereignty, and independence.
As stated in the announcement, the Council also approved new sanctions against Belarus, aligned with the restrictions imposed on Russia by the 21st package of sanctions. Additionally, individual restrictive measures have been imposed on two entities operating in the Belarusian energy sector: the Mozyr Oil Refinery and “European Trading Company,” which sells Belarusian oil products in Russia.
BNS wrote that EU countries agreed on a new, softened package of sanctions against Russia on Thursday after several weeks of disputes.
This package – the EU’s 21st since Moscow’s invasion began in 2022 – had been delayed due to member states’ objections to various proposed elements.
Diplomats said the last hurdle was overcome after Greece was granted an exemption allowing one of its shipping companies to continue transporting Russian liquefied natural gas from the Arctic.
However, a broad visa ban, which had been proposed to block the entry of Russians who fought in Ukraine into the EU, was postponed. Diplomats said there was only a commitment to pursue such a ban in the future.
In turn, Bulgaria stated that it had managed to block the inclusion of Russian Orthodox Patriarch Kirill on the “black” list for asset freezes and visa bans.
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Portugal and France opposed the ban on importing cod from Russia.
