EU Targets Russian Economy with 19th Sanctions Package

The European Commission has unveiled its 19th sanctions package, as announced by Kaja Kallas, the EU's top diplomat. This latest initiative seeks to designate 118 new vessels as a shadow fleet, thereby expanding the breadth of entities considered enablers under the sanctions framework.

A significant aspect of the proposal is the ban on re-insurance for listed vessels, aiming to cut financial support routes for entities linked to Russia. Additionally, the commission proposes to clamp down on Russian financial evasion mechanisms, including those employing cryptocurrencies, and take aim at the Russian credit card system, MIR.

Furthermore, the European Commission plans to expand its export bans, adding chemicals, metal components, salts, and ores to the list. Tighter export controls are set to be implemented particularly on entities operating in Russia, China, and India. As Kallas stated on social media platform X, the EU is determined to target sectors critical to the Russian economy, leaving no area off-limits.

(With inputs from agencies.)