The European Union has introduced its 19th package of sanctions against Russia. The new measures target the energy sector, finance, cryptocurrencies, and military technologies. The aims are to increase pressure on the Russian economy and advance peace talks with Ukraine. An additional, unofficial objective is to involve the United States in increasing leverage on Moscow and to prevent the Trump administration from having grounds for lifting future sanctions.
Since the start of the full-scale war, the EU has already imposed 18 packages targeting energy, finance, trade, and technology. In May 2024, the EU approved a mechanism allowing profits from frozen Russian assets to be used in support of Ukraine. The latest, 19th package responds to Russia's large-scale drone and missile attacks on Ukraine and violations of Polish, Romanian, and Estonian airspace. European Commission President Ursula von der Leyen emphasized that Russia is intensifying its aggression, and Europe is responding with stronger sanctions.
Key restrictions include a ban on the import of Russian liquefied natural gas, reducing the oil price cap to $47, sanctions on more than 560 vessels and major energy companies, and efforts to prevent sanctioned goods from reaching Russia via third countries. Also, new restrictions have been placed on additional Russian banks and banks in third countries, and expanded regulations apply to crypto assets and platforms.
Forty-five new companies, directly or indirectly supporting Russia’s military-industrial complex, have been added to the sanctions list. There is a particular focus on restricting access to technology used in drone manufacturing. The European Commission reports that sanctions are already affecting the Russian economy through high inflation, limited financing, and a 90% drop in oil revenues.
Special attention is being paid to EU countries still buying Russian energy resources, notably Hungary and Slovakia. The European Commission is considering freezing EU funds for these countries if purchases continue.
President Zelensky has welcomed the EU decision, noting that the new sanctions target the main sources financing the war and support Ukraine's defense. Ukraine expects further tightening of European and US sanctions policies and unity among allies against Russian aggression.
