EU's newest sanctions package targets Russian energy, trade, crypto

“The Council today adopted a far-reaching 20th package of restrictive measures comprising 120 further individual listings — the biggest package of listings in two years — and stern, multi-layered economic sanctions, targeting key sectors which fuel Russia’s war of aggression against Ukraine,” the statement said.

The measures include legal framework for a future “maritime services ban on Russian crude oil and petroleum products” to be agreed with G7 members at a later date.

Besides adding 46 shadow fleet vessels to the sanctions list, the EU has also banned transactions with two Russian ports: Murmansk and Tuapse, which, the statement said, are “sed to circumvent the oil price cap.”

The EU is banning transactions for 20 Russian banks and for financial institutions in third countries that circumvent EU sanctions or have links to Russia’s banking messaging network.

“Moreover, the Union is introducing a total sectoral ban on providers and platforms established in Russia that allow for the transfer and exchange of crypto assets,” the message said.

“The EU is also banning transactions in another crypto currency (RUBx) and all EU support for the development of the digital rouble. Lastly, netting transactions with Russian agents are now forbidden to avoid the circumvention of EU sanctions.”

To reduce the risk of re-export to Russia, the EU banned exports of computer numerical control (CNC) machines and radio receivers to Kyrgyzstan. It also expanded export controls on certain high-grade lubricants, chemicals and steel products.

Additional import restrictions cover goods that bring Russia significant revenue, including some minerals, scrap steel and other metals, chemicals, and vulcanized rubber products.