EU agrees on 21st sanctions package against Russia targeting banks, oil

The European Union has agreed on its 21st sanctions package against Russia, tightening restrictions on the banking sector and increasing pressure on its oil and gas industry. EU Commission President Ursula von der Leyen welcomed the agreement, saying the sanctions "continue to weaken the economic foundations of Russia's war effort."

Banking and Energy Measures

The package adds 32 Russian banks to the EU's transaction ban list and imposes measures targeting cryptocurrency companies and oil trading platforms, von der Leyen said. The bloc will also freeze the adjustment of the Russian oil price cap for one year to prevent Moscow from benefiting from market shocks. For the first time, the EU will target vessels that assist Russia's so-called shadow fleet, and has also taken steps toward formally banning Russian combatants from entering the EU.

Continued Pressure

The sanctions come as Ukraine has built military momentum, von der Leyen said, adding that the measures would further weaken Russia's economic foundations. The 21st package is the latest in a series of EU sanctions imposed since Russia's invasion of Ukraine in February 2022.