EU adopts 20th package of sanctions against Russia

The European Union has adopted its 20th package of sanctions aimed at Russia, focusing heavily on energy, finance, and anti-circumvention efforts. The new measures include 36 new listings within the Russian energy sector, targeting various stages of oil production, including extraction, refining, and transportation. To combat the "shadow fleet" used to bypass oil price caps, the EU added 46 vessels to its sanctions list, bringing the total number of restricted vessels to 632. These ships are now prohibited from accessing EU ports or receiving services.

The package also introduces new restrictions on maritime infrastructure and services. The EU has blacklisted the Russian ports of Murmansk and Tuapse, as well as the Karimun Oil Terminal in Indonesia, for their roles in facilitating the shadow fleet. New regulations also prohibit maintenance services for Russian icebreakers and LNG tankers, and provide EU operators the right to terminate long-term contracts with Russian LNG entities. Additionally, new safeguards have been implemented for the sale of tankers from the EU to prevent them from being repurposed for Russian use.

Financial restrictions have been expanded to include 20 more Russian banks, raising the total number of excluded Russian banks to 70. The sanctions also target international intermediaries, specifically naming four banks in Kyrgyzstan, Laos, and Azerbaijan for assisting Russia in bypassing financial restrictions. Furthermore, the EU has implemented a sector-wide ban on exchanges with Russian crypto asset service providers and decentralized trading platforms. Specific prohibitions were also placed on the use of the digital rouble and the rouble-backed stablecoin, RUBx.

To strengthen enforcement, the EU has activated a new "anti-circumvention" tool and introduced measures to prevent the use of third-country agents who facilitate illegal transactions. The package also includes new requirements for due diligence in tanker sales and a "no Russia" clause for contracts. While the package introduces many new restrictions, the Council also noted the delisting of 11 vessels and five third-country financial entities that demonstrated a commitment to compliance.