EU proposes new sanctions targeting Russian banks, energy and crypto
European Union foreign policy chief Kaja Kallas on Tuesday unveiled a proposed new package of sanctions against Russia targeting banks, energy traders and cryptocurrency operators in third countries, as the bloc seeks to further weaken Moscow's ability to finance its ongoing war in Ukraine.
European Union foreign policy chief Kaja Kallas on Tuesday unveiled a proposed new package of sanctions against Russia targeting banks, weapons manufacturers and cryptocurrency operators, declaring that the bloc is "collapsing the foundations" of Moscow's war economy brick by brick.
Energy and maritime measures
The proposed measures include a temporary freeze on adjustments to the Russian oil price cap mechanism until January next year, citing market disruptions linked to Middle East tensions and the closure of the Strait of Hormuz. The package would also add 30 vessels to the EU sanctions list — bringing the total to more than 630 — while for the first time targeting ships that support the so-called shadow fleet through bunkering services and critical infrastructure including ports and refineries. Brussels also plans to restrict the sale of liquefied natural gas tankers to Russia, mirroring existing curbs on oil tankers, according to European Commission President Ursula von der Leyen.
Financial restrictions
On the financial front, the bloc plans to expand transaction bans to cover 31 additional Russian banks and impose measures on 20 banks, crypto firms and oil traders in third countries accused of facilitating transactions for sanctioned entities. Von der Leyen said the package would for the first time introduce the possibility of a full ban on crypto-asset services from third countries assisting Russia in evading sanctions. She argued that Moscow's economy is slowing and its budget faces increasing pressure.
Trade and export controls
The proposals also include new export restrictions on technologies and materials used by Russia's military-industrial sector, including metals and alloys employed in aerospace, defense and drone production alongside ground-support and jamming systems. Brussels plans import bans covering goods worth approximately €60 million ($69 million), including certain metals, ores and car parts. The measures also restrict Russian fish imports — notably imposing a complete ban on cod — while aligning trade restrictions on Belarus to prevent circumvention. The package requires unanimous approval by EU member states before entering into force.
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