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"The Russian economy is reaching its limits. Sanctions also against those who kidnap Ukrainian children"...
The European Commission has approved the 19th package of sanctions against Russia, focusing on gas, cryptocurrencies and military technologies.
The package, imposed on Moscow since the start of its full-scale invasion of Ukraine three years ago, includes a cap on the oil price of $47.60, asset freezes against companies and new sanctions against the so-called shadow fleet of older ships that transport Russian oil in defiance of G7 restrictions.
The EU is also expected to accelerate its proposed ban on Russian LNG by one year, to the end of 2026.
The package now needs to be approved by all 27 EU member states in the coming weeks.
The package sanctions an additional 118 vessels from the shadow fleet. In total, more than 560 vessels are listed under EU sanctions.
For the first time, the EU is cracking down on crypto platforms and will ban transactions in cryptocurrencies.
The EU is also listing foreign banks linked to alternative Russian payment service systems and restricting transactions with entities in special economic zones.
According to the European Union, the sanctions are having a severe impact on the Russian economy.
The interest rate is at 17%. Inflation is persistently high. Russia's access to financing and revenue is steadily decreasing.
And Russia's overheated war economy is reaching its limits, said President Ursula von der Leyen, who presented the measures at a press conference.
The time has come to close the gas taps from Russia, the head of the European government stressed, recalling that threats to the EU are increasing, drones have violated the airspace of Poland and Romania.
"These are not the actions of those seeking peace, and the EU is increasing the pressure," she said.
The new package against Moscow includes a ban on imports of Russian liquefied natural gas starting January 1, 2027, a year earlier than expected. It also includes a complete ban on transactions with energy companies Rosneft and Gazpromneft.
But that's not all. Brussels has declared war on the ghost fleet that allows the Kremlin to bypass sanctions: 118 more ships have been added to the blacklist, bringing the total to 560 vessels.
Regarding finances, the EU has addressed the "financial loopholes" that allow Moscow to evade sanctions.
This has led to a ban on transactions with other banks in Russia, but also in third countries such as Kazakhstan, Belarus, Kyrgyzstan and Tajikistan.
Cryptocurrencies are also targeted: a complete ban on transactions on cryptocurrency exchanges and cryptocurrency platforms, restrictions on the provision of cryptocurrency services, and the issuance of electronic money to Russian citizens.
Additionally, the package targets Russia's national credit card system (MIR) and its fast payment system (SBP).
The EU Commission has also introduced restrictions on the export of military goods and technologies.
Chemical, metal and mineral components will be banned. 45 companies found guilty of supporting Moscow's defense industry will be blacklisted.
And that's not all: a new solution is being worked on to finance Ukraine's defense efforts based on frozen Russian assets.
"We must be very clear: this is Russia's war and those who provoked it must pay," von der Leyen stressed.
In this context, with the cash balances linked to these Russian assets, the EU could offer Ukraine a reparations loan.
The assets themselves will remain intact, while Ukraine will repay the loan only after Russia has paid the compensation.
By at least the 19th, the EU is aligning sanctions with those of its G7 partners, under the leadership of the Canadian Presidency.
"To support Ukraine in its fight for freedom, we are also working closely with the Coalition of the Willing. Europe has stood by Ukraine from the beginning. In the face of Russia's escalation, Europe has risen to the challenge. We will continue to use all the tools at our disposal to end this brutal war.
"I now call on member states to quickly adopt these new sanctions. We want Russia to leave the battlefield and come to the negotiating table. This is the way to give peace a real chance," von der Leyen said.
Present at the press conference alongside von der Leyen, EU High Representative Kaja Kallas stressed that "in addition to the war in Ukraine, Russian forces continue to separate Ukrainian children from their families and deport them to re-education camps."
Today, we are also proposing sanctions against those involved in the abduction and indoctrination of Ukrainian children.
We are also facilitating the adoption of sanctions against individuals and organizations involved in these heinous acts in the future. / Adapted from Il Giornale /
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