EU Plans Sweeping New Sanctions on Russia

The EU has proposed a 21st package of sanctions against Russia for its war in Ukraine, heavily targeting the country's banks and crypto networks as well as drone production, oil traders and refiners, EU chief diplomat Kaja Kallas said on Tuesday.

The sanctions could affect around 90 banks, marking the biggest single blow to Russia's financial system since the start of the war in Ukraine. The aim is to weaken Moscow's ability to finance military operations and increase pressure on negotiations.

Brussels also wants to restrict the activities of cryptocurrency platforms used to circumvent sanctions and expand measures targeting oil traders and vessels linked to the so-called shadow fleet.

The package also includes proposed restrictions on imports of Russian fish and additional limits on strategic materials used by the defense industry.

The European Commission is also proposing to maintain the price cap on Russian oil and tighten rules governing LNG trade. The final form of the package will be decided by EU member states.

(reuters, mja)