The European Union has proposed a 19th package of sanctions against Russia, targeting third-country buyers of Russian oil, including China and India, which are accused of helping Moscow bypass earlier restrictions. The measures aim to ban imports of Russian liquefied natural gas into EU markets, add 118 vessels from what Brussels calls a ‘shadow fleet’ to the blacklist, and restrict major Russian energy traders such as Rosneft and Gazpromneft.
European Commission President Ursula von der Leyen emphasized that the new measures are part of a broader effort to increase pressure on Moscow amid an escalation in the Ukraine conflict. She attributed the recent actions to missile strikes on Kiev and alleged Russian drone incursions into Poland and Romania, which Moscow has dismissed as ‘unfounded.’ Von der Leyen also highlighted the expansion of financial restrictions, including extending transaction bans to more Russian banks and cryptocurrency platforms to close ‘financial loopholes.’ The package also targets foreign banks linked to Russian ‘alternative payment systems’ and entities in special economic zones.
Russia has become one of the largest suppliers of oil to both China and India since the escalation of the Ukraine conflict in 2022. These two countries have resisted Western demands to reduce their reliance on Russian crude, citing domestic economic needs and national interests. Russian President Vladimir Putin has criticized Western nations for adopting a ‘colonial’ tone toward China and India, warning against attempts to ‘punish’ them.
The European Commission is also working on a new solution to finance Ukraine, based on immobilized Russian assets. Von der Leyen stated that the cash balances linked to these assets could provide Ukraine with a reparations loan, without touching the assets themselves.
Member states are now discussing the proposed package, which must be approved unanimously before adoption. The sanctions represent an intensifying response to the ongoing conflict, with the EU aiming to close financial loopholes and further restrict Russian economic activities to mitigate the impact of the war on Ukraine.
The EU’s approach reflects its commitment to countering Russian influence while navigating complex geopolitical relationships. The sanctions are part of a broader strategy to limit Moscow’s ability to fund its military operations and maintain its presence in global energy markets.