EU targets Russian energy, financial services and trade in 20th sanctions package

President of the European Commission Ursula von der Leyen announced the 20th sanctions package against Russia on Thursday, targeting energy, financial services, and trade.

“The Commission is putting forward a new package of sanctions, the 20th since the start of Russia's war of aggression against Ukraine. The new package of sanctions covers energy, financial services and trade,” von der Leyen announced in a written statement.

She said the measures introduce “a full maritime services ban” on Russia’s crude oil, aimed at further slashing Moscow’s energy revenues.

“We are listing 43 more vessels as part of the shadow fleet, reaching 640 in total. We also make it more difficult for Russia to acquire tankers to be used for the shadow fleet and add sweeping bans on the provision of maintenance and other services for LNG tankers and icebreakers to further dent gas export projects,” von der Leyen noted.

She further announced a second set of measures aimed at constraining Russia’s banking system and its ability to create alternative payment channels, including the listing of 20 additional regional banks.

“We will take measures against cryptocurrencies, companies trading them, and platforms enabling crypto trade to close an avenue for circumvention. We are also targeting several banks in third countries involved in facilitating illegal trade in sanctioned goods,” von der Leyen added.

She said the bloc is also tightening export restrictions to Russia with new bans on goods and services, including rubber, tractors and cybersecurity services.

Additionally, the commission will introduce new import bans on metals, chemicals and critical minerals not yet under sanctions, she noted.

“We introduce further export restrictions on items and technologies used for Russia's battlefield effort, such as materials used to produce explosives. We propose a quota on ammonia to cap existing imports,” von der Leyen further said.

She emphasised that the EU will also activate, for the first time, the Anti-circumvention tool by prohibiting the export of computer numerical control machines and radios to jurisdictions “where there is a high risk that these products are re-exported to Russia”.

“Finally, we propose stronger legal safeguards for EU companies to protect them from violations of their IP rights or from unfair expropriation in Russia due to abusive court rulings in connection with sanctions,” von der Leyen added.

She urged member states to “swiftly” endorse the new sanctions, to “send a powerful signal ahead of the grim fourth anniversary of this war”.