EU proposes 21st package of sanctions against Russia

BRUSSELS -- The European Commission has proposed the 21st package of sanctions against Russia, targeting key sectors including energy, financial services, crypto, trade and, for the first time, fisheries, European Commission President Ursula von der Leyen said Tuesday.

According to a statement released by the Commission, the proposed measures include suspending the automatic adjustment mechanism of the oil price cap until next January, which would allow oil markets to stabilize while maintaining pressure on Russian revenues.

Thirty additional vessels would be added to the sanctions list, on top of the 632 already designated. For the first time, sanctions would also target vessels providing support services to the "shadow fleet," including bunkering operations.

In addition, the proposal includes restrictions on ports, airports and refineries involved in trading or processing Russian oil. The sale of liquefied natural gas (LNG) tankers to Russia would also be restricted.

On financial and crypto-related measures, the Commission would expand transaction bans to 31 additional Russian banks, as well as to 20 banks, crypto firms, platforms and oil traders in third countries.

On trade, the proposed package introduces new export restrictions on goods and technologies used by Russia's military-industrial sector, as well as drone-related equipment.

The Commission also proposed import bans on goods worth around 60 million euros ($69.4 million), including certain metals and automotive parts, as part of efforts to reduce dependence on Russian imports.

For the first time, the EU would also target Russia's fisheries sector, proposing substantial restrictions on imports of certain fish products and a complete ban on others, including cod.

Von der Leyen also announced a new measure under the package to ban entry into the EU for individuals who have served in the Russian armed forces since the start of the Ukraine conflict.

The proposal still requires approval by all EU member states before it can enter into force.