EU Envoys Approve 16th Package of Sanctions on Russia

EU envoys agreed on Wednesday to implement a 16th package of sanctions against Russia in response to its full-scale invasion of Ukraine. The new measures are expected to be formally adopted by the bloc’s foreign ministers on Monday, marking the third anniversary of the war.

According to European Union diplomats, the latest package includes restrictions targeting Russian banks, reinforcements to the G7 oil price cap, a ban on Russian aluminium imports, and additional export bans. The EU is increasing pressure on Russia’s regional banks for their role in facilitating sanctions circumvention, removing 13 Russian banks from the SWIFT global messaging network and prohibiting transactions with three additional Russian banks.

The sanctions enforce a ban on the import of primary Russian aluminium, which will take effect one year after its publication in the EU’s Official Journal next week. Until the ban is fully implemented, the EU will allow the importation of a limited volume of 275,000 tonnes.

Seventy-three vessels, primarily oil tankers, have been added to the sanctions list, increasing the total number of sanctioned ships to 152. Transactions with Russian ports and airports identified as hubs for circumventing the oil price cap and transferring drone and missile components will be prohibited. A new service ban has been introduced for Russian oil and gas refineries. Additional criteria for future sanctions now include owners and operators of the so-called "shadow fleet," ship captains, and those supporting Russia’s military operations.

The sanctions also aim to weaken Russia’s industrial capabilities by restricting exports of key products such as chromium and chemical precursors, which are essential for chemical production. These restricted substances are used in CNC machines, which are advanced computer-controlled tools used for precision cutting and drilling in manufacturing.

Fifty-three new entities will be added to the transaction ban concerning sales of high-priority goods to Russia. Forty-eight individuals and 35 entities will be placed on the general sanctions list, which includes asset freezes and travel bans to the EU. Broadcasting licenses for eight Russian media outlets will be suspended as part of the measures to counter disinformation.

The EU continues to take decisive steps to impose economic and financial costs on Russia, aiming to curtail its ability to sustain its military operations in Ukraine.

By fLEXI tEAM