Russia continues to answer diplomacy with missiles.
We are determined to make that choice painfully expensive.
Today, we present our 20th sanctions package.
Sanctions severely hurt Russia’s economy. And every sanction chips away at its capacity for war.
Moscow is not invincible. On the battlefield, its army is stalling. At home, its economy is cracking.
More pressure, together with our partners, and increased military support to Ukraine can shorten this war.
Russia’s war machine runs on energy sales.
We must cut them off.
We propose sanctioning dozens of companies in Russia’s energy sector, as well as those in Russia and abroad enabling the operations of its shadow fleet, including port terminals, whilst adding more than 40 vessels to our list.
We also want to prohibit maintenance services for Russian LNG tankers and icebreakers. This will severely hinder their ability to operate smoothly.
We aim to change the rules on the oil price cap to enable a future full ban on maritime services.
Russia’s war begins in its military factories.
Breaking Russia’s military industrial base and its international supply chains is a means to end it.
Over 40 companies in Russia and in third countries are proposed for “full-fledged sanctions” to further disrupt Russia’s production lines.
We are also tabling new export restrictions and bans on materials and technologies such as laboratory glassware, chemicals, rubber, and tools for metal production; and stronger export controls related to over 50 companies in Russia and abroad.
For the first time, we propose to activate our Anti-Circumvention Tool on one country to prevent sensitive products finding their way to Russia.
Wars end when one side runs out of money.
Cutting cash flows to Moscow is essential to stop the fighting.
More banks supplying the Kremlin will face transaction bans, in Russian and in third countries. All will be cut off from SWIFT.
We will also ban Russia’s central bank digital currency, take more crypto currencies’ measures and forbid interactions with Russian crypto-asset service providers.
Committing the most brutal crimes against Ukraine, its people, and its sovereignty comes with consequences.
We will continue to sanction those responsible for war and children related crimes, appropriation of Ukrainian cultural heritage or for spreading Russian propaganda.
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