EU Imposes Sweeping Sanctions on Russia's Banking Sector and Transport Infrastructure

The European Union has adopted its 21st package of sanctions against Russia, a significant expansion of economic measures aimed at limiting the country's ability to wage war. The new package includes a ban on Russian oil prices exceeding $60 per barrel, further restrictions on the banking sector and cryptocurrency networks, and additional sanctions targeting those who help Russia evade sanctions.

The EU has also banned transactions with 33 more Russian banks and disconnected them from the SWIFT financial messaging system. This move is expected to severely impact Russia's economy, with around 50% of its banking sector now under full blockage measures.

The package targets key areas where Russia's war machine depends on international cooperation, including transport infrastructure and dual-use goods. The EU has also introduced a mechanism to prohibit third countries from cooperating with cryptocurrency platform operators that support or facilitate sanctions evasion efforts.