EU Imposes Sweeping Sanctions on Russia with New 21st Package

The European Union has agreed on its 21st package of sanctions against Russia over its invasion of Ukraine. The package targets Russia's banking sector and softens restrictions on Russian liquefied natural gas (LNG) after negotiations with Greece. It also extends asset freezes, travel, and transaction bans on various entities.

The European Union has unveiled a new sanctions package against Russia, marking the 21st round of economic measures aimed at curbing Moscow's financial influence amid its ongoing war in Ukraine. This package takes direct aim at the banking sector while offering a concession to Greece concerning Russian LNG operations.

In a diplomatic compromise, the package includes a one-year exemption allowing EU companies to continue transferring Russian liquefied natural gas to third countries, after Greek demands to soften restrictions. Despite this, Greek officials maintain that a ban would merely shift market dynamics without damaging Russian revenue streams.

EU's chief diplomat Kaja Kallas highlighted that the sanctions round represents the largest effort in years, affecting 218 listings that include banks, crypto operators, and shadow fleet vessels. The measures seek to enforce stricter bans on financial transactions, separating 94 Russian financial institutions from the global SWIFT payment system, and maintaining an oil price cap to stymie Russian revenue without impacting the global market.