Marking three years to the day of Russia's invasion of Ukraine in 2022, the European Union adopted its 16th sanctions package against Russia. This package aims to intensify pressure on Russia and convey support for Ukraine. Key measures include:
- Targeting the "Shadow Fleet": The EU has added 74 vessels to its sanctions list, focusing on ships used by Russia to circumvent existing sanctions on oil and gas transport. To date, and including the most recent additions, 153 vessels have been listed;
- Import Bans: The package introduces bans on Russian import of primary aluminum and specific chemicals, plastics, and rubber, aiming to disrupt Russia's industrial capabilities;
- Financial Sector Measures: Thirteen (13) Russian banks have been added to the list of entities subject to asset freezes and prohibitions on making funds and economic resources available;
- Additional export restrictions have been introduced on industrial goods with special military significance, specifically targeting minerals, chemicals, steel, glass materials, and fireworks;
- Travel Bans and Asset Freezes: Around 50 Russian officials and numerous entities, including banks and financial institutions, will face new restrictions, including travel bans and asset freezes; and
- Prohibition on Gas Storage Capacity Booking: Russian nationals and entities are prohibited from booking gas storage capacity in the EU, excluding liquefied natural gas (LNG).
The EU press release can be found here: https://www.consilium.europa.eu/en/press/press-releases/2025/02/24/three-years-of-russia-s-full-scale-invasion-and-war-of-aggression-against-ukraine-eu-adopts-its-16th-package-of-economic-and-individual-measures/
An FAQ on this sanction package can be found here: https://ec.europa.eu/commission/presscorner/detail/nl/qanda_25_586
