The European Union has agreed on its 16th package of sanctions against Russia, as the third anniversary of its full-scale invasion of Ukraine approaches.
The package approved by EU envoys on February 19 is expected to be formally adopted by EU foreign ministers on Monday.
Some of the key measures in the sanctions package include:
Aluminium Ban- The EU will ban imports of primary Russian aluminium. A transition period will allow limited imports of up to 275,000 tonnes before the ban takes full effect a year after the legislation is published in the EU’s Official Journal next week.
Oil and Gas Restrictions- Seventy-three additional vessels, mostly oil tankers, have been blacklisted, bringing the total number of restricted ships to 152.
Transactions with Russian ports and airports involved in circumventing the oil price cap or transferring drone and missile components are prohibited.
A service ban has been introduced for oil and gas refineries.
Owners and operators of the shadow fleet, ship captains, and those supporting the military can now be sanctioned under new criteria.
Video Games and Technology Restrictions- New restrictions have been placed on the sale of video game consoles and other entertainment devices like flight simulators and joysticks, which could be repurposed for drone control.
This will impact sales of major gaming consoles such as Microsoft’s Xbox, Nintendo’s Switch, and Sony’s PlayStation.
Banking Sector: Additional pressure has been placed on Russia’s regional banks accused of sanctions circumvention.
Access to the global SWIFT banking system will be revoked for 13 more lenders.
Transactions with three Russian banks will be banned.
Manufacturing Restrictions- The EU aims to weaken Russia’s manufacturing sector by banning the export of key materials like chromium and chemical precursors.
These materials are used in CNC machines, which are essential for precision manufacturing.
New Listings and Blacklisted Entities- Fifty-three new entities have been added to a transaction ban related to high-priority goods sales to Russia.
Forty-eight individuals and 35 entities will be placed on the general sanctions list, which includes an asset freeze and travel bans within the EU.
Broadcasting licenses for eight Russian media outlets will be suspended.
Diamond Sanctions- The phase-in period for the ban on Russian diamonds has been extended from March 2025 to September 2025.
The EU has already imposed multiple rounds of sanctions since Russia invaded Ukraine on February 24, 2022, affecting over 2,300 officials and entities.
The latest sanctions package also targets Russia’s “shadow fleet” vessels that transport oil and stolen Ukrainian grain while avoiding restrictions.
The European Commission President, Ursula von der Leyen, stated that the EU is “clamping down even harder on circumvention by targeting more vessels in Putin’s shadow fleet and imposing new import and export bans.”
Reference: Reuters, AP News
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