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The European Union has adopted its 21st package of sanctions against Russia in response to the invasion of Ukraine. Key measures include the suspension of the oil price cap adjustment mechanism until January 2027 and the addition of 30 new vessels to the «shadow fleet» list, introducing the first-ever ban on support vessels. The package also extends financial and cryptocurrency restrictions to 31 banks and 20 third-party entities. Finally, new export bans on dual-use technologies and import bans on Russian seafood products have been introduced.
Statement by Ursula Von Der Leyen President of the European Commission
Today we are putting forward the 21st sanctions package. We focus on the sectors with the highest impact, that is energy, it is financial services and crypto, trade, and this time it includes for the very first time fisheries, and we are banning the entry of former Russian combatants into the European Union. Let me start with energy.
The conflict in the Middle East and disruptions to global energy supply chains have eased some pressure on Russia. So the objective of our package couldn’t be clearer: we want to maintain the full intensity of our sanctions. And the way to do this is to ensure that Russia’s profits from oil sales remain contained. Our oil price cap has a built-in adjustment mechanism to follow the market. It was not made for market shocks like the one caused by the closure of the Strait of Hormuz. So we propose to simply pause the adjustment until January next year. This will give oil markets time to stabilize while preserving pressure on Russia’s revenues. At the same time, we will continue targeting the shadow fleet. Today we propose listing 30 more vessels on top of the 632 already sanctioned. For the first time, we are also targeting vessels that assist the shadow fleet, for example, providing bunkering and other services. And we propose targeting critical infrastructure such as ports or airports or refineries trading or processing Russian oil.