The European Union has ramped up pressure on Russia by approving its 16th sanctions package, timed to coincide with the third anniversary of Moscow's full-scale Ukraine invasion. Targeting 70+ vessels in Putin's shadow fleet and restricting critical ports, these measures mark the bloc's most comprehensive effort yet to disrupt Russia's ability to finance its war.
Diplomats confirmed the package will:
- Sanction 13 banks and 3 financial institutions
- Blacklist nearly 50 additional officials and entities
- Ban trade of $4B+ in chemicals and aluminum
Critical infrastructure targets include 11 Russian ports and airports allegedly used to bypass the G7's $60 oil price cap. EU Commission President Ursula von der Leyen declared in a
'We're cutting oxygen lines to Russia’s war economy through systematic targeting of sanctions evasion networks.'
With over 2,400 entities now blacklisted, analysts note this package specifically addresses shadow fleet loopholes that allowed Moscow to export 4.3M barrels/day of oil despite previous restrictions. The sanctioned vessels – primarily aging tankers with opaque ownership – generated an estimated $11B in 2023 revenue for Russia.
The timing underscores Europe's hardening stance as U.S.-led peace talks stall. While Ukrainian officials praised the measures, critics argue enforcement gaps persist – EU nations reportedly imported $18B in Russian LNG last year despite earlier bans.
