EU Unveils 21st Round of Sanctions Against Russia, Targets Key Sectors

The European Union has adopted its 21st package of sanctions against Russia and parallel amendments to sanctions against Belarus, targeting key sectors such as finance, energy, crypto, and military-industrial sectors. The latest package aims to increase pressure on these areas by introducing expanded individual designations and tighter trade controls.

The new measures include freezing the oil price cap and introducing new restrictions related to liquefied natural gas (LNG). The EU has also closed loopholes in energy and crypto-asset services, reinforcing its 'carrot-and-stick' approach to discourage third parties from helping Russia evade sanctions.

A total of 48 individuals and 170 entities have been designated for travel bans and/or asset freezes. This includes 94 Russian banks and financial institutions, as well as six entities in China, Oman, India, Singapore, and the United Arab Emirates that were sanctioned for trading in Russian oil and petroleum products or supporting shadow fleet vessels.