On April 23, the European Union (EU) officially approved its 20th sanctions package against Russia, marking the most extensive set of measures in the last two years. While the package strengthens existing restrictions on the Russian energy sector and financial services, it notably postpones a significant step regarding a ban on maritime transport of Russian crude oil and petroleum products.
The EU’s decision to delay the maritime ban comes as it seeks a unified approach with the Group of Seven (G7) nations. A press release from the EU Council indicated that the current package lays the groundwork for a future prohibition on maritime services related to Russian oil and petroleum products.
One EU official clarified that the Council retains the authority to make decisions even without full consensus from the G7. The G7 summit is scheduled to take place in France from June 15 to 17, 2023.
The 20th sanctions package primarily focuses on enhancing existing restrictions, particularly targeting Russia’s energy revenue, ammonia exports, and financial systems, as well as measures to combat sanctions evasion. Officials have noted that the cumulative impact of these sanctions is already being felt.
Under this latest package, 36 entities within the energy sector and 46 vessels associated with a so-called “shadow fleet” have been barred from accessing EU ports. Additionally, the sanctions impose restrictions on servicing Russian liquefied natural gas (LNG) tankers and icebreakers.
Ukraine has expressed satisfaction with the newly approved sanctions, highlighting that approximately 70% of the measures originated from its proposals. Ukrainian officials have articulated their expectations for the forthcoming 21st sanctions package, which they hope will include a complete financial isolation of Russia, an intensified energy embargo, and a halt on the supply of weapon components to Moscow.
The EU's latest sanctions package against Russia enhances existing restrictions but delays a crucial maritime ban on oil transport. This decision reflects ongoing efforts to coordinate with G7 nations while addressing the impact of previous sanctions.