The European Commission announced plans to introduce a 21st package of sanctions aimed at reducing Russia's capacity to finance and sustain its military operations. The proposal, confirmed by Commission President Ursula von der Leyen at a press conference in Brussels, concentrates on sectors the Commission considers to have the highest strategic impact.
"We focus on the sectors with the highest impact," von der Leyen said. "Our sanctions keep biting hard and cutting deep. They are weakening the economic foundations of Russia's war effort."
The proposed measures include a significant expansion of the roster of targeted financial institutions. The package would add 31 Russian banks to the existing list of sanctioned banks. Alongside the banking measures, the proposal tightens rules around crypto asset services by enabling the potential application of a full third country ban for cryptocurrency providers.
Maritime restrictions are also broadened. The new package would place an additional 30 ships on top of the 632 vessels already subject to sanctions. The measures are designed to go after vessels that assist what the Commission describes as Russia's shadow fleet operations.
Beyond finance and shipping, the package imposes further limits on certain metals and alloys that have applications in aerospace and defense sectors. The Commission is also proposing substantial restrictions on imports of specified fish products from Russia.
One of the measures included in the proposal would prohibit Russian combatants from entering the European Union. Von der Leyen framed the suite of measures as a continuation of efforts to reduce the economic resources available to Russia for sustaining military action.
The proposed package targets multiple vectors of economic activity simultaneously - banking and financial services, crypto, maritime logistics, strategic metal supply chains, fisheries trade and movement of personnel - reflecting a coordinated approach to constraining economic inputs the Commission links to the ongoing conflict.
The proposal will require approval and implementation steps before taking full effect. The Commission presented the package as a further escalation of existing restrictions that already encompass hundreds of vessels and a roster of sanctioned entities.