EU confirms new package of sanctions against Russia News
12019 / Pixabay
EU confirms new package of sanctions against Russia

The European Union (EU) agreed on a new package of sanctions against Russia, the Presidency of the Council of the EU confirmed Thursday. This new set of measures is the fourteenth package the EU has issued since Russia’s full-scale invasion of Ukraine in 2022.

European Commission President Ursula von der Leyen confirmed the sanctions will “further deny Russia access to key technologies … and tackle Putin’s shadow fleet and shadow banking network abroad.”

The package also seeks to reduce Russian revenues from energy, which has been the package’s most debated measure, as European countries still vastly rely on Russia’s liquified natural gas (LNG). The sanctions do not ban imports of LNG entirely, as had been done with the ban on imports of Russian oil and coal in 2022, but they prohibit LNG imports from being re-exported to other countries. Together these sanctions aim to weaken Russia’s economic base and consequently limit its ability to wage war. As explained by the Presidency of the Council of the EU, “this package provides new targeted measures and maximises the impact of existing sanctions by closing loopholes.”

The EU Ambassadors agreed on this package just days after a two-day peace summit on Ukraine concluded on June 16, where representatives of 92 countries and heads of the main EU institutions discussed the ongoing conflict in Ukraine and the need for global cooperation to achieve peace. The EU’s stance toward Ukraine is also demonstrated by the recent prolongation of the road transport Agreement with the country, which aims to facilitate transit and help Ukraine reach the European and international markets.