Recent EU sanctions against Russia take place
(MENAFN) The European Union’s 18th round of sanctions against Russia, aimed primarily at its energy and banking sectors over the Ukraine conflict, officially came into force after being published in the EU’s Official Journal on Saturday.
The sanctions were finalized by the 27 EU member states on Friday, following Slovakia’s decision to drop its objections after receiving assurances from the European Commission about continued access to gas and oil supplies.
Key measures in this latest package include a ban on transactions with 22 additional Russian banks and the Russian Direct Investment Fund (RDIF), as well as a prohibition on using the Nord Stream gas pipelines, which have been out of service since being damaged by underwater explosions in 2022.
Anatoly Aksakov, head of the Russian parliament’s Committee on Financial Markets, dismissed the new restrictions as inconsequential, telling TASS that even smaller Russian banks have long been prepared for disconnection from Western financial systems like SWIFT.
Russian banks affected by the latest sanctions, including Yandex Bank and Ozon Bank, stated on Saturday that their operations remain unaffected.
The sanctions package also updates the EU’s price cap on Russian crude oil. Previously fixed at $60 per barrel, it will now be adjusted dynamically to remain 15% below the market average, currently starting at $47.6 per barrel.
Additionally, the EU has expanded its blacklist of vessels involved in transporting Russian oil outside of EU restrictions, adding 105 more ships to the so-called “shadow fleet.” This brings the total number of tankers barred from EU ports and services to over 400.
European Commission President Ursula von der Leyen praised the new measures, reaffirming that they will stay in place until a resolution to the Ukraine conflict is reached.
Russia, meanwhile, has reiterated its willingness to negotiate peace with Kiev, while accusing Ukraine and Western countries of avoiding serious talks to resolve the underlying issues of the conflict. Kremlin spokesman Dmitry Peskov labeled the EU’s sanctions “illegal” but said Russia has developed “a certain immunity” to such measures.
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