EU Tightens Sanctions with Comprehensive Measures Against Russian Enterprises and Entities

The European Commission has implemented its 19th package of sanctions against Russia, targeting its energy, financial sectors, and various individuals over the invasion of Ukraine. Key measures include an import ban on Russian LNG and further financial restrictions on Russian banks and cryptocurrency entities.

The European Commission has unveiled a significant sanctions package against Russia, marking its 19th such initiative since the start of full-scale hostilities in Ukraine in 2022. Among the measures, the commission has announced a sweeping ban on imports of Russian liquefied natural gas (LNG), coupled with sanctions targeting Central Asian banks and Chinese refineries.

Detailed measures under the sanctions include an import ban on Russian LNG, with short-term contracts facing cancellation within six months and long-term contracts by 2027. Furthermore, the measures list 117 additional vessels in the shadow fleet and impose a ban on reinsuring listed vessels. Russian owned oil firms Rosneft and Gazpromneft face heightened transaction bans, while two Chinese refineries and one trader are named.

The financial sector isn't spared, with transaction bans imposed on additional Russian and Central Asian banks. Restrictions tighten against the Russian credit card system and cryptocurrency firms. Export bans widen on dual-use goods essential for military use, while high-tech EU service access is further restrained. New measures also target individuals involved in illegal activities in Ukraine, with stringent travel and investment restrictions in Russian Special Economic Zones.

(With inputs from agencies.)