The EU's latest sanctions package aims to pressure Russia by blocking energy flows and cracking down on oil trade operations.
European Union Launches New Sanctions Against Russia Amid Ongoing Ukraine Conflict
European Union Launches New Sanctions Against Russia Amid Ongoing Ukraine Conflict
New sanctions target Russia’s energy sector and banking, tightening the economic noose following stalled peace talks.
The European Union (EU) has rolled out its latest sanctions package against Russia, designed to intensify the strain on President Vladimir V. Putin by targeting critical aspects of the nation’s economy, notably the energy and banking sectors. This announcement, made on Tuesday by Ursula von der Leyen, the president of the European Commission, proposes to implement a prohibitive ban on transactions related to the Nord Stream pipelines, which transport gas from Russia to Europe, aiming to curtail future energy exports.
Additionally, the sanctions package seeks to lower the price cap of Russian gas on global markets, intending to diminish Russia’s revenue streams. The measures specifically address Russian banks and their intricate web of operations, including what is referred to as the “shadow fleet”—older tankers that evade sanctions by often being registered to various countries or not at all, which Moscow utilizes to deal with oil covertly. This new legislation aims to blacklist additional vessels implicated in these clandestine operations.
This marks the 18th round of sanctions imposed by the EU since the onset of Russia’s full-scale invasion of Ukraine. Together, these measures form a substantial bid to undermine both the economic power and morale of Russia at a pivotal moment in the ongoing conflict. The announcement follows a period of stagnant diplomatic efforts between Russia and Ukraine, whereby recent peace discussions in Istanbul yielded limited progress, primarily revolving around a prisoner exchange agreement.
Additionally, the sanctions package seeks to lower the price cap of Russian gas on global markets, intending to diminish Russia’s revenue streams. The measures specifically address Russian banks and their intricate web of operations, including what is referred to as the “shadow fleet”—older tankers that evade sanctions by often being registered to various countries or not at all, which Moscow utilizes to deal with oil covertly. This new legislation aims to blacklist additional vessels implicated in these clandestine operations.
This marks the 18th round of sanctions imposed by the EU since the onset of Russia’s full-scale invasion of Ukraine. Together, these measures form a substantial bid to undermine both the economic power and morale of Russia at a pivotal moment in the ongoing conflict. The announcement follows a period of stagnant diplomatic efforts between Russia and Ukraine, whereby recent peace discussions in Istanbul yielded limited progress, primarily revolving around a prisoner exchange agreement.
