EU Targets Russia with 18th Round of Sweeping Sanctions
(MENAFN) The European Union escalated pressure on Russia Friday by rolling out its 18th round of sweeping sanctions, targeting key sectors including Moscow’s energy income, banking networks, military suppliers, and trade routes, while simultaneously tightening controls on Belarus.
This latest sanctions package adds 55 new listings—14 individuals and 41 organizations—linked to activities that undermine Ukraine’s sovereignty, pushing the total number of sanctioned individuals beyond 2,500.
In a significant move, the EU lowered the price cap on Russian oil from $60 to $47.6 per barrel and introduced a dynamic adjustment mechanism to maintain pressure. The bloc also slapped sanctions on an additional 105 vessels associated with Russia’s shadow fleet, raising the total to 444, and prolonged bans on services related to these ships.
Sanctions now include Russian and international shadow fleet operators, oil traders, and notably an Indian refinery connected to Rosneft. For the first time, the captain of a shadow fleet ship and a private registry operator have been targeted.
One entity involved in the liquefied natural gas (LNG) sector was also sanctioned.
The EU introduced a new import prohibition on refined products derived from Russian crude transported via third countries, while exempting Canada, Norway, Switzerland, the UK, and the US. Additionally, the Czech Republic is no longer exempt from oil import restrictions.
In a decisive financial blow, the EU imposed a full transaction ban on Nord Stream 1 and 2 pipelines, effectively blocking any future use. Financial sanctions were broadened to include 22 more Russian banks, and the threshold for sanctioning third-country institutions—including cryptocurrency providers—linked to Russia’s Transfer of Financial Messages (SPFS) system was lowered.
Four entities connected to the Russian Direct Investment Fund (RDIF) were added to the list, accompanied by expanded bans on transactions involving the RDIF and its affiliates. Restrictions also now cover software exports critical to the banking and finance industries.
To undercut Russia’s military capabilities, sanctions were levied against three Chinese suppliers and eight Belarusian military-industrial firms. Export bans exceeding €2.5 billion (€2.9 million) were enacted, targeting advanced equipment such as computer numerical control machines and propellant chemicals.
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