EU Imposes Largest Sanctions Package Against Russia in Four Years

The European Union has imposed its largest package of sanctions against Russia in four years, targeting 218 entities and individuals. The EU Council approved the 21st package of restrictive measures in response to Russia's war of aggression against Ukraine.

The package includes a significant number of targeted sanctions, with 48 individuals and 170 entities affected. In the financial sector, assets have been frozen, and funds provision has been banned for 94 banks. This ban also extends to 33 additional Russian financial institutions and 14 crypto platforms from various countries.

The EU has also introduced a new tool that allows it to prohibit transactions between an EU operator and any crypto provider used by Russia. In the oil sector, sanctions have targeted 18 legal entities and one individual, including three oil refineries in Russia and a major Belarusian refinery. Additionally, two Russian ports and four airports are subject to transaction bans.