EU passes 19th sanctions package, cracks down on Russia’s oil fleet

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By Aya Anwar
EU
European Union flags flutter outside the EU Commission headquarters in Brussels, Belgium, July 14, 2021. (Photo Credit: REUTERS)

The European Commission on Thursday announced the European Union’s 19th package of sanctions against Russia, in one of the bloc’s toughest efforts yet to curb Moscow’s ability to finance its war in Ukraine. The new sanctions intensify pressure on key sectors of the Russian economy — including energy, finance, trade, and the military-industrial base — while expanding efforts to close loopholes and curb circumvention.

A central element of the package is a total ban on imports of Russian liquefied natural gas (LNG) – taking effect on 1 January 2027 for long-term contracts, and within six months as of the entry into force of the sanctions for short-term contracts. The package expands measures aimed at disrupting Russia’s “shadow fleet” used to move oil outside price caps. The EU said 117 ships were added to its blacklist, bringing the total to 557.

“Every euro we deny Russia is one it cannot spend on war. The 19th package will not be the last.” said Kaja Kallas, High Representative for Foreign Affairs and Security Policy/Vice-President of the European Commission

The bloc also plans full transaction bans on state-run oil firms Rosneft and Gazprom Neft, and sanctions on five additional banks, tightening restrictions on Russia’s financial sector.

In a new step, the EU will target cryptocurrencies used to bypass sanctions, including a rouble-backed stablecoin and several trading platforms.

Export controls would be widened to cover dual-use technologies, metals and industrial materials worth around €155 million in annual shipments. The proposal also lists entities and individuals in Russia and several countries including China, the UAE, India and Thailand accused of supplying Russia’s military.

Other measures include limits on contracts with companies in Russian special economic zones, bans on AI and space-based services, and tighter movement rules for Russian diplomats inside the EU.

The sanctions also cite abductions of Ukrainian children, adding 11 people to the EU’s list of designated individuals.

Attribution: Amwal Al Ghad English

Subediting: Y.Yasser

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