EU Unveils New Sanctions Package Targeting Energy, Crypto, and Fishing Industry

European Commission President Ursula von der Leyen unveiled a new package of sanctions against Russia on Tuesday, targeting the energy sector, financial services, cryptocurrency trading, and the fishing industry. The 21st package of sanctions aims to maintain pressure on Russia's war economy, which is under increasing strain due to declining living standards at home.

Von der Leyen noted that the cost Russia pays for continuing the war is steadily increasing, with inflation close to 6% and interest rates standing at 14.5%. She argued that EU sanctions are eroding the foundations of Russia's war economy, with more than two-thirds of the liquid assets of its sovereign wealth fund gone.

The new package focuses on sectors with the greatest impact, including energy, financial services, and cryptocurrency trading. The European Commission is proposing a ban on former Russian combatants entering the European Union and expanding transaction bans to cover an additional 31 Russian banks and 20 banks, crypto firms or platforms in third countries.

Von der Leyen also announced that the EU will continue its efforts against Russia's shadow fleet by targeting vessels that assist it. The package includes new export restrictions on goods and technologies used by Russia's military industry, as well as import bans on certain goods worth EUR 60 million.