What will be included in the EU’s 18th package of sanctions against Russia: a complete list

The 18th package of sanctions by the European Union against Russia will include, in particular, a ban on transactions for “Nord Stream — 1” and “Nord Stream — 2” and the addition of 77 more vessels that are part of the Russian shadow fleet to the list. This was announced by the Head of the European Commission Ursula von der Leyen and the High Representative of the EU for Foreign Affairs and Security Policy, Kaja Kallas, reports UNN.

The European Commission website provides the full statement of Ursula von der Leyen and Kai Kallas and a complete list with explanations of the 18th package of sanctions.

The EU’s message is very clear: the war must end. A real ceasefire is needed, and Russia must sit down at the negotiating table with a serious offer. It is noted that since it is still not showing readiness to achieve peace, we will increase pressure on Russia, including through further tough sanctions.

Therefore, we are now proposing the 18th package of tough sanctions. We are targeting two sectors. The energy sector of Russia. And the banking sector of Russia. We are expanding export bans and controls, and strengthening measures against circumvention of sanctions. First, regarding energy. For the first time, we are proposing a ban on transactions on Nord Stream 1 and Nord Stream 2. This means that no EU operator will be able to directly or indirectly participate in any transactions related to the Nord Stream pipelines. There is no going back 

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The EU also proposes to reduce the oil price cap from $60 to $45 per barrel.

Since the introduction of the oil price cap in 2023, oil prices have fallen. They are now trading very close to the cap level. By lowering the cap, we are adapting it to changing market conditions and restoring its effectiveness. Oil exports still account for a third of the Russian government’s revenue. We need to cut off this source of revenue. The oil price cap is a G7 coalition measure. We will discuss how to act together at the G7 summit in Canada 

It is also proposed to add 77 more vessels that are part of the Russian shadow fleet to the list, in addition to the 342 vessels already listed, to better ensure compliance with the restriction. These vessels are a means of avoiding sanctions.

With our listings, we are seriously limiting Russia’s ability to export its oil through the shadow fleet. Finally, we are introducing a ban on the import of refined petroleum products based on Russian crude oil. In this way, we want to prevent some of the Russian crude oil from entering the EU market through the back door 

In addition, the sanctions will affect the banking sector.

We are targeting the Russian banking sector by restricting its ability to raise financing and conduct transactions. We propose to convert the existing ban on the use of the SWIFT system into a full transaction ban. And we propose to apply such a transaction ban to 22 more Russian banks. We also propose to extend the ban on transactions to financial operators in third countries that finance trade with Russia in circumvention of sanctions. We also propose to impose sanctions against the Russian Direct Investment Fund, its subsidiaries and investment projects. This will limit an important channel for financing projects to modernize the Russian economy and strengthen its industrial base 

The third point is that the EU proposes further export bans worth more than EUR 2.5 billion. This ban deprives the Russian economy of critical technologies and industrial goods. The EU is targeting machinery, metals, plastics and chemicals: they are used as raw materials in industry. We are also restricting the export of dual-use goods and technologies used to produce drones, missiles and other weapons systems.

Fourth and last, the EU wants sanctions to be applied and adhered to better.

That is why we are expanding the scope of the transaction ban that already exists. And we are listing 22 Russian and foreign companies that provide direct or indirect support to Russia’s military-industrial complex. Putin’s ability to sustain the war is highly dependent on the support he receives from third countries 

SupplementThe European Union has officially proposed a new, 18th, package of sanctions against Russia, which proposes to reduce the price cap on Russian oil from $60 to $45 per barrel, and is also aimed at the Russian “shadow fleet” for oil exports, the Russian banking sector.