EU’s 20th Sanctions Package Hits Russian Banks, Shadow Fleet Tankers, and Crypto Platforms
The Council of the European Union on April 23 approved its 20th sanctions package against Russia, introducing wide-ranging restrictions on the country’s energy revenues, financial system, military-industrial complex, and trade. The measures aim to further strain Russia’s war economy and limit its ability to sustain its full-scale invasion of Ukraine.
The EU introduced 36 new designations across oil production and transport, adding 46 vessels linked to Russia’s so-called shadow fleet, bringing the total number of sanctioned ships to 632. The bloc also moved toward a future ban on maritime services for Russian oil, in coordination with the G7, and imposed restrictions on LNG-related services and tanker operations.
Financial System Under Fire
The package targets Russia’s financial system, including a transaction ban on 20 Russian banks and restrictions on four foreign institutions accused of helping Moscow bypass sanctions. New measures address Russia’s growing use of cryptocurrencies, with a sector-wide ban on Russian crypto platforms and restrictions on specific digital assets.
In the defense sector, the EU designated 58 entities tied to Russia’s military production, including drone development, and expanded export restrictions on 60 additional companies. Several of the targeted firms are based in third countries such as China, the United Arab Emirates, and Türkiye, reflecting efforts to curb supply chains supporting Russia’s war effort.
Trade Measures Broadened
Trade measures were also broadened, including new export bans on industrial goods and anti-circumvention steps targeting re-exports via third countries such as Kyrgyzstan. Additional import restrictions cover metals, chemicals, and other materials generating revenue for Russia.
The package also includes accountability measures, with new listings targeting individuals linked to the deportation of Ukrainian children, appropriation of cultural heritage, and pro-Kremlin propaganda. Separately, the EU expanded sanctions related to Belarus, targeting entities linked to its military-industrial sector and aligning some restrictions with those imposed on Russia.
Deadlock Broken
The sanctions package was approved alongside a €90 billion EU support program for Ukraine, which Volodymyr Zelenskyy said would fund the military, budget, and energy resilience, with a first tranche expected in May or June. Both measures had been delayed for months by Hungary and Slovakia over disputes tied to Russian oil transit via the Druzhba pipeline before their vetoes were dropped.
EU foreign policy chief Kaja Kallas said the bloc had “broken the deadlock,” referring to months of delays caused by internal disputes among member states, and linking the sanctions package to the parallel approval of a €90 billion support package for Ukraine. “We must keep up this pressure until Putin understands his war leads nowhere,” she said.
The EU’s 20th sanctions package is one of the largest in two years, aiming to further strain Russia’s war economy and limit its ability to sustain its full-scale invasion of Ukraine.
Original Article: EU’s 20th sanctions package hits 20 Russian banks, 46 shadow fleet tankers, and crypto platforms — Euromaidan Press