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EU, von der Leyen presents 18th package of sanctions against Russia: crackdown on energy and banks
The European Commission proposes new measures to target Moscow: ban on Nord Stream transactions, lowering of the oil price cap, restrictions on the banking sector and technology exports. Objective: to weaken the Russian war machine and block the circumvention of sanctions.
European Commission President Ursula von der Leyen presented the 18th package of sanctions against Russia today, Tuesday 10 June. The aim is to intensify economic pressure on Moscow to end the war in Ukraine. “Our message is clear: we need a real ceasefire. Russia must put forward concrete proposals and negotiate peace,” said von der Leyen.
Energy and Nord Stream crackdown
One of the main measures is a ban on any European operator engaging in direct or indirect transactions related to the Nord Stream 1 and 2 gas pipelines. ‘No return to the past,’ the president stressed. In addition, the EU executive proposes to lower the price cap on Russian oil from $60 to $45 per barrel, in line with global market trends.
Sanctions on the shadow fleet and derivative products
The package includes a ban on 77 ships in the so-called Russian shadow fleet, used to circumvent oil sanctions, and a ban on imports of refined products derived from Russian crude oil entering the European market through indirect channels.
New measures for the banking sector
The Commission proposes to transform the ban on the use of the Swift system into a total ban on transactions, extended to 22 other Russian banks and financial operators from third countries involved in trade with Moscow. The package also includes sanctions on the Russian Direct Investment Fund, its subsidiaries and projects.
Stop the export of critical technologies
On the industrial front, Brussels proposes to ban the export of goods and technologies worth more than €2.5 billion, affecting key sectors such as machinery, metals, plastics and chemicals. Further bans are planned for dual-use military products used in the production of drones, missiles and weapons.
Strengthening anti-circumvention measures
Finally, the Commission intends to strengthen the enforcement of sanctions by extending existing transaction bans to 22 Russian companies that provide direct or indirect support to the military-industrial complex. Von der Leyen warned: “Those who support Russia’s war bear a great responsibility”.
Impact of sanctions on the Russian economy
According to the Commission President, the sanctions adopted so far have had a “profound” impact on the Russian economy: €210 billion in frozen reserves, oil and gas revenues down 80%, high deficits and inflation, and technology import costs six times higher than before the war. “In short, Russia has become a war economy that sacrifices the future,” she concluded.
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