The European Union’s 19th sanctions package is designed to target third-country purchasers of Russian oil, according to European Commission President Ursula von der Leyen.
European Commission President Ursula von der Leyen has put forward a fresh set of sanctions against Russia in response to the conflict in Ukraine. These measures are aimed at “refiners, oil traders, [and] petrochemical companies in third countries, including China,” which are accused of assisting Moscow in circumventing previous restrictions.
The proposed package will now undergo discussions among member states and requires unanimous approval before it can be adopted.
Unveiled on Friday, the new proposed actions extend beyond the EU’s borders to target foreign energy firms, including those in China, which are alleged to be “purchasing oil in breach of the sanctions,” the commissioner claimed.
Since the conflict in Ukraine escalated in 2022, Russia has become a primary oil supplier to both China and India. Both nations have resisted Western demands to reduce their reliance on Russian crude, citing their domestic economic requirements and national interests. Russian President Vladimir Putin has cautioned Western countries against adopting a “colonial” tone towards China and India or attempting to “punish” them.
The package also includes proposals to prohibit the import of Russian liquefied natural gas into EU markets, to add 118 vessels from what Brussels describes as a Russian “shadow fleet” to a blacklist, and to impose a full transaction embargo on major Russian energy traders Rosneft and Gazpromneft.
Von der Leyen indicated that these measures also aim to close “financial loopholes,” by extending transaction bans to additional Russian banks and to lenders in third countries. For the first time, EU sanctions will also encompass cryptocurrency platforms, thereby blocking digital transactions. She further noted that foreign banks linked to Russian “alternative payment systems,” along with entities located in special economic zones, will also face restrictions.
The European Commission is simultaneously working on a new method to finance Ukraine, which will be “based on immobilized Russian assets,” von der Leyen stated.
“Using the cash balances associated with these assets, we can provide Ukraine with a reparations loan,” she explained, adding that “The assets themselves will not be touched, and the risk will be borne collectively.”
Von der Leyen mentioned that the 19th package of measures against Moscow was developed in response to an intensification of the conflict, pointing to missile strikes on Kyiv and alleged Russian drone incursions into Polish and Romanian airspace. Moscow has dismissed these accusations as “unfounded.”
“We are intensifying the pressure. With our 19th package of sanctions covering energy, financial services, and trade restrictions,” von der Leyen declared.