Baku: Today, the European Commission welcomes the adoption by EU Member States of the 21st package of sanctions against Russia, APA reports. The package further restricts Russia’s ability to fund its illegal war and to carry out attacks on Ukrainian civilians and civilian infrastructure. Russia’s economy is slowing sharply, and EU sanctions have effectively cut Russia off from the global financial system. Russia’s budget is under growing pressure, with more than two-thirds of the liquid assets of its sovereign wealth fund depleted since the start of the war.
According to Azeri-Press news agency, the measures focus on the sectors with the greatest impact: energy; financial services, including crypto; trade; and the Russian military-industrial complex. In addition, Member States reached an agreement that paves the way for a ban on the entry of Russian combatants into the European Union following the adoption of necessary implementing measures and a decision by the Council.
The energy measures in the 21st package include oil price cap adjustments, with the EU deciding to suspend the adaptation of the price cap agreed in the 18th sanctions package for a full year until July 2027. This aims to keep downward pressure on Russian crude exports. Additionally, the package introduces a notification obligation for LNG tanker sales to third countries, with a decision on a full ban to be made after a Commission assessment.
The financial measures in the package significantly strengthen the EU sanctions framework. The package expands the list of third-country banks and Russian banks subject to a transaction ban, now totaling over 100 Russian banks. It also creates a dedicated third-country ban for crypto-asset services and imposes transaction bans on additional third-country crypto platforms. Furthermore, the package extends the prohibition for Russian nationals to own, control, or serve on the boards of any company offering crypto assets services.