EU's Clampdown: 19th Sanctions Package Targets China's Oil Giants

The European Union's latest sanctions target four Chinese companies involved in evading restrictions on Russia's oil industry. These include two independent refineries and a trading firm. The comprehensive package, pending final approval, includes bans on Russian gas and further pressure on Moscow's war funds.

The European Union is poised to implement its 19th sanctions package against Russia, strategically targeting four Chinese companies for bypassing Western restrictions on Moscow's oil trade. EU diplomatic sources revealed this move on Wednesday, marking a firm stance against Beijing amid stalled diplomatic efforts.

The package lists two independent Chinese oil refineries, a trading firm, and an entity involved in circumventing restrictions. Though details are scant, the EU's strategy underscores China's pivotal role in Moscow's sanctions evasion network. EU sanctions envoy David O'Sullivan recently stated that China continues to deny engaging in anything beyond 'normal trade,' despite ongoing concerns from the EU, Ukraine, and allied nations.

Expected to be ratified this week, after overcoming Slovakia's unrelated reservations, the sanctions are not the first to target China but are seen as the most economically impactful. The package also proposes a ban on Russian liquefied natural gas from 2027 and addresses issues such as the clandestine tanker fleet and military-industrial complex, aiming to deplete Russia's resources for its war in Ukraine.

(With inputs from agencies.)