EU Announces New Sanctions Against Russian Oil Refining and “Shadow Fleet”
The European Union is poised to approve a new package of sanctions against Russia, expected to be adopted by EU foreign ministers on November 16. The measures will target Russian oil refining businesses and structures associated with the country’s “shadow fleet,” according to European Commissioner for Financial Services Maria Luís Albuquerque.
Albuquerque recalled that at the same time, the European External Action Service and the European Commission are finalising preparations for proposals regarding a new, 22nd package of sanctions against Russia. The commissioner also highlighted the effectiveness of existing sanctions, stating that they have cost Russia over €1 trillion that it could have otherwise spent on the war.
Sanctions to Target Oil Refining and Shadow Fleet
The new package of sanctions will include Russian oil refining businesses and structures associated with Russia’s “shadow fleet,” a network of vessels used to circumvent international sanctions. The EU has already included over 690 shadow fleet vessels in its sanctions lists, denying them access to EU ports and the provision of services.
Albuquerque added that the European Union will continue to coordinate its sanctions policy with international partners, particularly within the G7, to enhance the effectiveness of restrictions and counter circumvention. She noted that the EU has already imposed transaction bans on over 100 Russian banks and cut off significant parts of the Russian financial sector, forcing it to rely on alternative payment channels.
France Proposes Sanctions Against 50 Banks Operating in Russia
French Minister for European Affairs Benjamin Haddad confirmed that the EU will introduce sanctions restrictions against 50 banks operating in Russia. He added that France itself proposed including the majority of these entities in the list. The move is seen as a further effort to limit Russia’s ability to access international financial systems.
EU Sanctions Lists Expand to Include Nearly 1,600 Individuals and Legal Entities
On October 12, EU foreign ministers approved sanctions against nearly 1,600 people linked to Russia’s military industry, more than half of whom are involved in ballistic missile production. The expansion of the sanctions lists is seen as a significant step in the EU’s efforts to counter Russia’s military capabilities.
The new package of sanctions is expected to be adopted by EU foreign ministers on November 16, marking another round of hard listings targeting the malicious attempts of enablers and profiteers of Russia’s war of aggression.
Original Article: EU announces new sanctions against Russian oil refining and “shadow fleet” — Ukrainska Pravda