European Union ambassadors have reached an agreement on a new series of sanctions in response to Russia's invasion of Ukraine. The sanctions are described as 'powerful and substantial' by the bloc's Belgian presidency. The package includes new targeted measures and aims to maximize the impact of existing sanctions by closing loopholes.
The European Commission President, Ursula von der Leyen, stated that the sanctions will deny Russia access to key technologies, strip Russia of further energy revenues, and address Putin's shadow fleet and shadow banking network abroad.
One of the key measures will target imports of Russian liquid natural gas, making it more difficult to transport. The EU estimates that a significant amount of Russian LNG was shipped through EU ports to third countries last year.
Over 100 additional officials and entities are expected to face asset freezes and travel bans as part of the new sanctions. This includes high-profile figures such as Russian President Vladimir Putin, Foreign Minister Sergey Lavrov, lawmakers, and oligarchs.
Currently, more than 400 entities are subject to sanctions, including companies in military, aviation, shipbuilding, and machine sectors, the Wagner mercenary group, political parties, and banks. Additionally, around 210 billion euros worth of Russian Central Bank assets are blocked in the EU.
The full details of the new sanctions are set to be released early next week, pending approval by EU foreign ministers on Monday. The measures aim to further isolate Russia and increase pressure on the country in response to its actions in Ukraine.
