In a major step to further isolate Russia, the European Union has imposed new sanctions against the country. This marks the 14th round of sanctions imposed on Russia due to its ongoing conflict with Ukraine. The Belgian presidency of the Council of the European Union announced the new package of sanctions, which includes targeted measures and strengthens existing ones.
One of the key measures included in this package is a ban on the transshipment of liquefied natural gas (LNG) in the European Union. This move aims to disrupt Russian gas exports from the Arctic, particularly during winter months when ice-breaking LNG carriers are required. These carriers deliver LNG to European ports, which is then transported by conventional LNG carriers to Asia.
The new sanctions also target Russian companies that use “ghost” cargo ships to evade EU sanctions on oil exports and financial transactions system SPFS established by Russia after being excluded from SWIFT international interbank financial system. These measures are designed to limit Russia’s access to key technologies and energy-related revenues.
The European Commission proposed these sanctions as part of an effort to enhance existing measures and prevent circumvention. The proposal faced weeks of negotiations, with some member states showing reluctance initially. However, after a compromise was reached, the new sanctions were eventually approved.
In contrast with previous packages that focused on targeting Chinese companies with links to Russian forces in Ukraine, this package aims at limiting Russia’s access to key technologies and energy-related revenues. It also addresses Putin’s “shadow fleet” and parallel banking network abroad.
The ambassadors’ approval represents a significant setback for Moscow’s efforts to maintain its influence over Europe through its energy exports. The EU remains committed to imposing economic pressure on Russia until it complies with international law regarding Ukraine.
