EU Targets Russian Economy with Sweeping Sanctions Package

The European Union has proposed its 21st sanctions package against Russia, focusing heavily on the country's banks, crypto networks, and oil industry. The package aims to weaken Russia's financial sector by listing 170 individuals and entities, including nearly 90 banks. It also includes measures against crypto platforms and imposes import/export restrictions.

The European Union has unveiled its 21st sanctions package against Russia in response to its ongoing war in Ukraine. The sanctions, announced by EU chief diplomat Kaja Kallas on Tuesday, target the nation’s banks, crypto networks, and oil industry.

Details of the proposal reveal plans to list 170 individuals and entities as targets. These encompass almost 90 banks, a record number for a single package, resulting in over half of Russia's internationally connected lenders facing complete sanctions, including asset freezes and transaction bans. Negotiations on the package are set to commence with EU ambassadors on Wednesday.

In addition to banking measures, the sanctions extend to 35 banks operating globally, 11 crypto platforms, as well as import and export restrictions on materials significant to defense and aerospace. The measures aim to pressure Moscow towards a peace deal with Ukraine, amid warnings of a looming banking crisis from within the country.