EU Slaps Russia with 21st Sanctions Package, Targeting War Economy Sectors

The European Union has adopted its 21st package of Russia sanctions, targeting sectors that impact Russia's war economy. The measures include a full-year suspension of oil price cap adjustments and new transaction bans on Russian crude refineries.

The package also introduces a dedicated third-country ban tool for crypto-asset services, enabling the EU to prohibit transactions with providers in listed jurisdictions. 48 individuals and 168 entities have been added to the asset freeze and travel bans, including major banks and financial institutions in Russia.

Additionally, 33 Russian credit and financial institutions will be subject to transaction bans, and the prohibition on Russian nationals sitting on crypto-asset services boards has been extended to all such businesses. The package aims to keep pressure on Russian crude revenues and restrict its access to critical goods and services.