BAKU, Azerbaijan, July 23. The European Union adopted its 21st package of sanctions against Russia in response to its war in Ukraine. The new package targets banks, cryptocurrency networks, oil traders, the shadow fleet, energy revenues, and the military-industrial complex.
With 218 new designations (170 entities and 48 individuals), this is the EU’s largest sanctions round in four years, bringing the total number of sanctions to nearly 3,000.
Key elements
Financial system
Full asset-freeze on 94 Russian financial institutions, mostly banks.
Transaction ban on 33 Russian banks, including SWIFT disconnection.
Four third-country banks in Mongolia, Kyrgyzstan, and Russian subsidiaries in India targeted.
Moscow's stock exchange added to sanctions.
Transaction bans on 14 crypto platforms in Georgia, Panama, Marshall Islands, Belarus, UAE.
New legal basis to ban transactions with third-country crypto operators that help Russia evade sanctions.
Oil and shadow fleet
EU freezes Russian oil price cap at $44.10 per barrel for 12 months.
41 shadow fleet vessels listed; new rules allow EU countries to confiscate and sell cargoes.
Sanctions on oil traders, ports, refineries, and airports; some implementation delayed.
LNG notification obligations; temporary exemptions for pre-existing contracts, capped at 2025 volumes.
Full Russian LNG import ban from January 1, 2027.
Military-industrial complex
56 entities/persons added for involvement in Russia’s military industrial complex.
37 linked to long-range Garpiya drones.
51 entities face export restrictions on dual-use goods, specialty metals (nickel, beryllium) and satellite communications.
Other measures
Import bans on copper, nickel, lead ores, precious metals, zinc, chromium oxides, glassware, imitation pearls, car parts.
More companies and individuals involved in Russian gold and diamond exports listed.
Eight individuals accused of promoting Russian propaganda.
Mechanism to deny entry to Russian soldiers who fought in Ukraine.
Exemptions for Japan and South Korea for LNG and Sakhalin-2 operations extended to 2028.
