The European Union plans to fully ban maritime services related to the transportation of crude oil and to impose additional restrictions on the import and export of numerous strategic products as part of its 20th sanctions package against Russia.
The European Commission has announced the details of the 20th package of sanctions imposed on Russia. The new package features extensive measures targeting crude oil transportation and various strategic sectors.
In a statement, the Commission said that all maritime services related to shipments of Russian crude oil would be prohibited, stating: “We are introducing a full ban on maritime services for Russian crude oil.” As a result, insurance, port, transport, and other services facilitating the seaborne transportation of Russian oil will be severely restricted.
Brussels also plans to add 43 more vessels to the sanctions list, bringing the total number of sanctioned ships to 640.
The statement noted that new import bans will be introduced for a range of products and raw materials that had not previously been subject to sanctions:
“Additional restrictions exceeding €570 million will be imposed on the import of metals, chemical products, and critically important minerals, including items not previously covered by sanctions. Furthermore, export bans will be introduced on products and technologies used in Russia’s defense industry, particularly materials used in the manufacture of explosives. We are also proposing a quota system to limit existing ammonia imports.”
European Commission President Ursula von der Leyen said that the new sanctions would also cover the banking sector and digital services.
“We are proposing new export and import restrictions exceeding €360 million across a wide range of areas, from rubber and tractors to cybersecurity services and cryptocurrency services,” she said.
The cryptocurrency sector and companies operating in this field may also be affected by the sanctions.
EU High Representative for Foreign Affairs and Security Policy Kaja Kallas announced that the price cap mechanism on Russian oil would be reviewed and that additional sanctions would be imposed on dozens of companies in the energy sector as well as port terminals.