EU adopts 21st Russia sanctions package targeting banks, shadow fleet and crypto networks

The European Union adopted its 21st package of sanctions against Russia on Thursday, targeting banks, cryptocurrency networks, oil traders, and the shadow fleet.
The new measures include sanctions against 94 banks and financial institutions, as well as restrictions on cryptocurrency platforms and vessels assisting Russia's shadow fleet. The package also includes a compromise with Greece, allowing the transport of Russian liquefied natural gas (LNG) to third countries under certain conditions.
EU High Representative for Foreign Affairs and Security Policy Kaja Kallas stated that the sanctions aim to squeeze Russia's economy and its capacity to prolong its war in Ukraine. "Our 21st package includes the highest number of listings in four years. We're hitting over a hundred banks and crypto operators, 40+ vessels in Russia's shadow fleet, and several oil refineries in Russia and Belarus. More than 50 military-industrial entities are included, key actors involved in the production of Russia's long-range drones," she said.
The package also includes a 12-month freeze on the Russian oil price cap at $44.10 a barrel. European Commission President Ursula von der Leyen emphasized that the measures are designed to prevent Russia from benefiting from market shocks.
However, the negotiations revealed some cracks within the EU. Lithuanian Foreign Minister Kęstutis Budrys criticized the concessions made to Russia in the energy sector, stating that they undermine the bloc’s overall pressure campaign against Moscow.
Greece, home to the world's largest merchant fleet, used its veto to press for an exemption on the transport of Russian LNG to non-EU clients. This exemption was granted, allowing Greek shipping companies to continue transporting Russian LNG to third countries.
The package also includes measures against Russia's shadow fleet, adding 41 vessels to the sanctions list, bringing the total number of sanctioned ships to 692. Additionally, the EU has imposed sanctions on more than 80 Russian banks and extended transaction bans to another 33 financial institutions.
In the energy sector, the EU agreed to suspend a review of the Russian oil price cap until July 15, 2027. Unless member states decide otherwise by that date, the current price cap of $44.10 per barrel will remain in force.
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