The European Union has approved the 19th package of sanctions against Russia, aimed at weakening its ability to wage war against Ukraine.

Kaja Kallas, the EU’s High Representative for Foreign Affairs and Security Policy, announced this.

The new sanctions target the main sources of income of the aggressor country, including energy, financial, and trade restrictions.

They are directed, among other things, against Russian banks, cryptocurrency exchanges, and organizations in India and China, as well as the “shadow fleet.”

“The EU is restricting the movement of Russian diplomats to counter attempts at destabilization. It is becoming increasingly difficult for Putin to finance this war,” Kaja Kallas wrote on the social media platform X.

Kaja Kallas. Photo credits: andaluciainformacion.es

The sanctions package was approved after several weeks of negotiations among EU member states.

It is expected to take effect after its publication in the Official Journal of the EU on October 24.

Key provisions will include:

• Gradual ban on the import of liquefied natural gas (LNG) – to take effect after six months for short-term contracts and from January 1, 2027, for long-term ones.
• Sanctions against the “shadow fleet” – 117 new vessels will be banned from entering EU ports and from receiving reinsurance services; in total, 558 ships are now under sanctions.
• Financial restrictions – a complete transaction ban for five Russian banks, restrictions on the Mir and SPFS payment systems, and sanctions against several banks in Belarus, Kazakhstan, Tajikistan, Kyrgyzstan, Paraguay, the UAE, and Hong Kong.
• Ban on providing crypto services to Russian citizens and companies.
• Expansion of export bans on dual-use goods and industrial materials, including salt, rubber, and construction materials.
• Ban on providing tourism and technology services in Russia, particularly in the fields of artificial intelligence, high-performance computing, and commercial space services.

In addition, the EU is introducing a new mechanism to restrict the movement of Russian diplomats within the Union through a system of notifications and authorizations by member states, Radio Liberty reports.

The so-called “shadow fleet” refers to a network of commercial tankers and cargo ships, often sailing under false flags or with concealed ownership, that Russia uses to circumvent international sanctions, including for the illicit export of oil.

Saratov oil refinery. Photo credits: business-vector.info

On October 22, the United States also imposed sanctions on Russian oil giants Rosneft and Lukoil for Russia’s refusal to end its war against Ukraine.