EU hits Russia with toughest sanctions yet as Moscow downs 73 drones
The sanctions package, delayed earlier due to a veto from Slovakia, was finalized following negotiations with Brussels over plans to phase out Russian gas imports. It includes a sharp reduction in the G7's oil price cap on Russian crude, cutting it from $60 to $47.6 per barrel, aiming to restrict Russia's oil revenue.
EU leaders said the new measures focus on three strategic sectors: energy, banking, and the military-industrial complex. The package bans all transactions related to the Nord Stream 1 and 2 gas pipelines to prevent their potential reactivation. It also imposes a full transaction ban on select Russian banks and adds 22 more banks to the list of restricted entities. The Russian Direct Investment Fund (RDIF), along with its subsidiaries and investment projects, is also targeted to curb modernization financing for the Russian economy.
For the first time, the EU is sanctioning a Russian-owned oil refinery operating in India, and two Chinese banks accused of facilitating the circumvention of earlier sanctions. Additionally, the bloc introduced expanded export bans valued at over €2.5B, covering a wide range of industrial materials and dual-use technologies that could support Russia's arms manufacturing, including drones and missile systems.
A new set of maritime restrictions also takes aim at over 100 vessels operating in Russia's so-called 'shadow fleet'—aging tankers used to bypass international oil restrictions. A dedicated flag registry will be introduced to track these ships and tighten enforcement.
The package further includes measures targeting individuals and institutions involved in the forced indoctrination of Ukrainian children in Russian-occupied territories.
European Commission President Ursula von der Leyen described the sanctions as a direct strike on 'the heart of Russia's war machine,' emphasizing the package's scope against the country's energy, financial, and military infrastructure. EU foreign policy chief Kaja Kallas said the bloc would continue raising the cost of aggression, making continued warfare increasingly unsustainable for Moscow.
On Friday, the European Union adopted its 18th sanctions package against Russia, introducing some of the toughest economic measures to date in response to Moscow's ongoing war in Ukraine. The announcement came as the Russian Defense Ministry reported downing over 70 Ukrainian drones overnight across its territory and in surrounding waters.
The announcement came as the Russian Defense Ministry reported downing over 73 Ukrainian drones overnight across its territory and in surrounding waters.
Most of the drones were reportedly downed over southwestern regions, 31 were shot down over Bryansk, 17 over Oryol, and 10 over the Moscow region, including three that attempted to reach the capital. Additional drones were intercepted over the Sea of Azov and the Black Sea.
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