EU Commissioner Outlines Upcoming Sanctions Against Russian Refineries and Shadow Fleet
EU Commissioner for Financial Services Maria Luís Albuquerque has announced that a new round of European Union sanctions against Russia is expected to be approved by EU foreign ministers on November 16. The sanctions will target Russian oil refineries and entities linked to the shadow fleet, according to Albuquerque.
In a statement before the European Parliament on November 12, Albuquerque emphasized that the sanctions are aimed at the malicious efforts of those who support and profit from Russia’s aggressive war in Ukraine. She noted that the EU has already listed over 690 shadow fleet vessels, which are banned from accessing EU ports and receiving services. The commissioner also highlighted the significant financial costs imposed on Russia, exceeding 1 trillion euros ($1.1 trillion), which could have been spent on the war.
Sanctions Package Expected to be Ready by End of November
According to European Pravda’s sources in the EU, the new sanctions package is expected to be finalized by the end of November. The package will reportedly include additional listings concerning oil refining enterprises and the shadow fleet ecosystem. Albuquerque stressed that the sanctions are working and that Moscow knows it.
Sanctions Have Cost Russia Over 1 Trillion Euros
Albuquerque emphasized that the EU’s sanctions have had a significant impact on Russia, forcing it to rely on alternative payment channels and limiting its financial sector. She noted that more than 100 Russian banks have been subject to transaction bans. The commissioner also highlighted the human cost of the war, stating that the EU’s measures have prevented Russia from using its funds for military purposes.
EU to Continue Coordinating Sanctions Policy with International Partners
Albuquerque stressed that the EU will continue to coordinate its sanctions policy with international partners, including within the G7, to increase the effectiveness of restrictions and counter attempts to bypass them. She emphasized the importance of a unified approach in countering Russia’s aggressive actions.
Background: Previous Sanctions Packages and Russian Response
The EU has already imposed several rounds of sanctions on Russia in response to its aggression in Ukraine. The previous packages have targeted various sectors, including finance, energy, and defense. Russian officials have responded by imposing retaliatory measures, but the EU has maintained that its sanctions are having a significant impact on Russia’s economy.
In conclusion, the EU’s upcoming sanctions package against Russian refineries and shadow fleet entities is expected to further strain Russia’s financial sector and limit its ability to fund military activities. The commissioner’s statement emphasizes the EU’s commitment to countering Russia’s aggressive actions and supporting Ukraine in its fight for independence.
Original Article: EU says new sanctions on Russian refineries and shadow fleet are coming — Nv