Von der Leyen announces 19th package of sanctions against Russia
European Commission President Ursula von der Leyen has issued a statement announcing proposals for a 19th package of sanctions against Russia over its war of aggression against Ukraine.
The statement was released in a video on Friday.
The new sanctions target energy, the shadow fleet, companies including third countries, including China, that continue to buy Russian energy, a ban on crypto platforms and cryptocurrencies, and others.
“Unfortunately, over the past month, Russia has demonstrated its complete disregard for diplomacy and international law. It has carried out some of the largest drone and missile attacks against Ukraine since the start of the war, hitting both government buildings and civilian homes, including our EU office in Kyiv, the representation of our union. Threats to our union are also growing. Over the past two weeks, Russian Shaheed drones have violated our union’s airspace in both Poland and Romania. These are not the actions of someone who seeks peace. President Putin is escalating the situation again and again, and Europe is increasing its pressure in response. That is why today I am presenting the 19th package of sanctions,” she said. Von der Leyen named energy as the first sector for sanctions. “Russia’s military economy is supported by fossil fuel revenues. We want to reduce these revenues. That is why we are banning the import of Russian LNG to European markets. It is time to turn off the tap. We are ready for this,” the EC President announced.
The sanctions will also apply to 118 additional vessels of the so-called Shadow Fleet. “In total, more than 560 vessels are under EU sanctions. The major energy trading companies, Rosneft and Gazprom Neft, will now be completely banned from operations. The assets of other companies will also be frozen,” she stressed.
According to von der Leyen, the EU is also “pursuing those who fuel Russia’s war by buying oil in violation of sanctions.”
“We are going after oil refineries, oil traders, petrochemical companies in third countries, including China. In three years, oil revenues from Russia in Europe have fallen by more than 90%. Now we are turning this page forever,” she explained.
The president named finance as the second sector. “We are focusing on the financial loopholes that Russia uses to evade sanctions. We are introducing a ban on transactions for additional banks in Russia and banks in third countries. We are stepping up the fight against sanctions evasion. As evasion tactics become increasingly sophisticated, our sanctions will be adapted to stay on the front lines. Thus, for the first time, our restrictive measures will affect crypto platforms and prohibited transactions in cryptocurrencies. We are adding foreign banks connected to Russian alternative payment systems to the list. And we are also restricting transactions with organizations in special economic zones,” she said.
The third point, von der Leyen called new restrictions on direct exports of goods and technologies used on the battlefield.
“We also list 45 companies in Russia and third countries. These companies have provided direct or indirect support to the Russian military-industrial complex. In an innovation-driven war, cutting off Russia’s access to key technologies is crucial, especially when it comes to drones. Our economic analysis is clear. Our sanctions are seriously affecting the Russian economy. The interest rate is 17 percent. Inflation is constantly high. Russia’s access to finance and income is constantly decreasing. And Russia’s overheated military economy is reaching its limits,” von der Leyen said, adding that during direct conversations with partners who communicate with the Russians, “they say that among the first Russian requests is the easing of sanctions.” “So we know that our sanctions are an effective tool of economic pressure. And we will continue to use them until Russia sits down at the negotiating table with Ukraine for a just and lasting peace,” she said.