The European Union is preparing its 21st package of sanctions against Russia, aimed at further weakening the economic foundations that support Moscow’s war effort in Ukraine, according to EU foreign policy chief Kaja Kallas.
In a series of posts on X, Kallas said the EU is continuing to increase pressure on Russia.
“Brick by brick, we are dismantling the foundations of Russia’s war economy. Today, we are presenting proposals for the 21st sanctions package against Russia,” she stated.
According to Kallas, the new package includes maintaining a cap on Russian oil prices and sanctioning institutions that Russia uses to generate revenue and circumvent existing EU restrictions.
The proposed measures target banks, weapons manufacturers, oil traders, refineries, and cryptocurrency operators in third countries that help finance Russia’s war against Ukraine.
Kallas noted that the package contains the largest wave of new sanctions listings in more than two years, with over 170 new designations, particularly in the financial sector.
“We are depriving Russia of the means to finance its war,” she said.
Under the proposal, the EU plans to significantly increase pressure on Russia’s financial system by freezing the assets of nearly 90 banks and imposing additional transaction bans on more than 30 banks in Russia and other countries.
The package also focuses on energy revenues, which continue to fund Russia’s military operations. Planned measures include further restrictions on Russian oil trade and new limitations related to the resale of liquefied natural gas (LNG) tankers to Russia.
Another major component targets companies supporting Russia’s military-industrial complex. More than 30 entities linked to drone production would be added to the sanctions list, while new export-control measures would apply to 50 companies, including firms based in China and Turkey.
Kallas also announced a proposal aimed at restricting travel by Russian military personnel.
“Europe’s doors should not be open to former and current Russian fighters. We will propose a complete visa ban for former and current members of the Russian armed forces, as well as groups acting on their behalf,” she said.
If approved by EU member states, the new sanctions package would represent one of the bloc’s most comprehensive efforts yet to curb Russia’s ability to finance and sustain its military operations in Ukraine.
