EU Adopts New Sanctions Targeting Russian Energy

The EU has approved a 19th set of sanctions against Russia, focusing on banning Russian liquefied natural gas imports. This package aims at reducing Russian revenue streams through energy, financial, and trade measures, and includes restrictions on Russian diplomats and banks, targeting entities in India and China.

The European Union formalized its latest round of sanctions against Russia on Thursday, marking a significant move in its ongoing response to the war in Ukraine. A central measure of this 19th package is the ban on Russian liquefied natural gas imports.

This comprehensive suite of sanctions was approved by all 27 EU member states after Slovakia withdrew its opposition, emphasizing its focus on undermining vital Russian financial channels through a variety of new energy and trade regulations. The LNG ban will be rolled out in two phases, with the cessation of short-term contracts in six months and the termination of long-term contracts by January 1, 2027, advancing the EU's timeline for energy independence.

In addition to energy sanctions, measures have been introduced to restrict the mobility of Russian diplomats within EU borders. The package also targets Russian banks and expands reach to include crypto exchanges and entities in India and China, intensifying economic pressure on President Putin's administration as mentioned by EU foreign policy chief Kaja Kallas.

(With inputs from agencies.)