Europe imposes sanctions on Russia, simultaneously courting the US, by focusing on China in the latest round of penalties
The European Commission has announced a new sanctions package against Russia, aiming to intensify economic pressure on the country in response to its attacks and violations.
The latest package includes a range of measures, some of which are unprecedented. Major energy trading companies Rosneft and Gazpromneft will now be subject to a full transaction ban, and other companies will face asset freezes. Transactions with entities in special economic zones are also being restricted.
In a significant move, the EU has announced that for the first time, restrictive measures will hit crypto platforms and prohibit transactions in cryptocurrencies. This is part of a broader effort to curb Putin's ability to circumvent sanctions.
The sanctions target refineries, oil traders, petrochemical companies in third countries, including China. The so-called shadow fleet of aging vessels shipping Russian oil in contravention of G7 restrictions is also in the crosshairs, with 118 additional vessels to be added to the sanctions list, bringing the total to over 560 vessels under EU sanctions.
Foreign banks connected to Russian alternative payment service systems are also being listed. The sanctions will also add more chemicals, metal components, salts, and ores to export bans and tighter export controls on entities from Russia, China, and India.
The new package includes a $47.60 oil price cap, a move aimed at limiting Russia's oil revenue. However, countries like Turkey, Hungary, and Slovakia have refused to find alternative suppliers for Russian oil.
The sanctions are in response to Russia's attack on the EU's offices in Kyiv last month and the violation of Polish and Romanian airspace by drones. European leaders have pledged to maintain pressure on Putin to end its war on Ukraine.
Ukraine's sanctions commissioner Vladyslav Vlasiuk stated that while they want as many tough sanctions as possible, some measures are more difficult to adopt than others. The U.S. President Donald Trump has said he will agree to "major" sanctions on Russia if NATO countries complete their exit from Russian oil.
The EU top diplomat, Kaja Kallas, added that the sanctions are just the beginning, and more development is expected in the sanctions area in the coming weeks and months. The sanctions package is a clear demonstration of the EU's commitment to standing with Ukraine and defending its sovereignty.
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