Brussels [Belgium], July 18 : The European Union on Friday approved its 18th round of sanctions against Russia, calling it one of the "strongest" moves so far to reduce Moscow's ability to continue its war in Ukraine. The new sanctions package directly targets Russia's energy, banking and defence industries, according to a statement by EU High Representative Kaja Kallas.
"We are standing firm. The EU just approved one of its strongest sanctions package against Russia to date. We're cutting the Kremlin's war budget further, going after 105 more shadow fleet ships, their enablers, and limiting Russian banks' access to funding," Kallas posted on X.
https://x.com/kajakallas/status/1946092888221241797
As part of the new measures, the EU has also decided to ban the Nord Stream pipelines and reduce the cap on Russian oil prices. There will be stricter controls on exports used in Russian drones and other military technology.
"We are putting more pressure on Russia's military industry, Chinese banks that enable sanctions evasion, and blocking tech exports used in drones," Kallas added.
This time, the EU has also extended sanctions beyond Europe. It has listed, for the first time, a flag registry and the largest Rosneft refinery in India.
"For the first time, we're designating a flag registry and the biggest Rosneft refinery in India," Kallas wrote.
The EU has also taken steps against organisations involved in the forced relocation and indoctrination of Ukrainian children by Russia.
"Our sanctions also hit those indoctrinating Ukrainian children. We will keep raising the costs, so stopping the aggression becomes the only path forward for Moscow."
European Commission President Ursula von der Leyen also welcomed the decision and called it a strong step against Russia's war efforts.
"I welcome the agreement on our 18th sanctions package against Russia. We are striking at the heart of Russia's war machine, targeting its banking, energy and military-industrial sectors and including a new dynamic oil price cap," she wrote on X.
https://x.com/vonderleyen/status/1946098876798337325
The EU's latest move is being seen as a significant escalation of economic pressure on Russia, aimed at blocking all possible loopholes that allow Moscow to fund its war through oil trade, third-party banks, and shipping.
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