Key Takeaways
- The European Union has agreed on a new round of sanctions against Russia.
- This package includes the addition of 32 Russian banks to the transaction ban list.
- The sanctions also include a 12-month freeze on the Russian oil price cap.
The European Union (EU) has agreed on its 21st package of sanctions against Russia, following a political agreement among EU ambassadors. This latest round of measures aims to further isolate Russia economically and politically in response to its ongoing invasion of Ukraine.
According to sources, the new sanctions include the addition of 32 Russian banks to the transaction ban list, along with crypto firms and oil trading platforms. These actions are designed to limit Russia's access to international financial markets and disrupt its ability to conduct business through these sectors.
Additionally, the EU has decided to freeze the oil price cap adjustment for a year. This move is intended to prevent Russian entities from benefiting from market fluctuations and ensuring that the sanctions have a consistent impact on the Russian economy over time.
US Secretary of State Marco Rubio spoke about the situation in Manila after meeting with Russia’s Foreign Minister Sergei Lavrov and attending the ASEAN summit. He emphasized the severity of the conflict, stating: 'The Russian invasion of Ukraine is a very bloody war, with Russians now suffering strikes deep in their territory; something you did not see at the end of the year.'
Rubio also highlighted the impact on Ukraine, noting civilian deaths and strikes in Kyiv. He expressed hope for an end to the conflict: 'We’ve seen that Ukraine has played a tremendous price as well. This war has not been good for Ukraine either. So I think both sides should have an incentive to bring it to an end.'
The sanctions are part of ongoing efforts by the EU and its member states to pressure Russia into withdrawing from Ukraine. The US Secretary of State added: 'We’re adding 32 more Russian banks to our transaction ban list. As well as crypto firms and oil trading platforms. Freezing the oil price cap adjustment for a year, so that the Russian war machine does not benefit from market shocks.'
The agreement on these sanctions comes after previous meetings of EU ambassadors failed to reach consensus. The political agreement was reached on Thursday, according to EU diplomats.
These measures are part of a broader strategy by the international community to isolate Russia and limit its ability to finance its military operations in Ukraine. The hope is that such pressure will eventually lead to a peaceful resolution of the conflict.
The Russian invasion of Ukraine is a very bloody war, with Russians now suffering strikes deep in their territory; something you did not see at the end of the year.
Marco Rubio, US Secretary of State
We’re adding 32 more Russian banks to our transaction ban list. As well as crypto firms and oil trading platforms. Freezing the oil price cap adjustment for a year, so that the Russian war machine does not benefit from market shocks.
Marco Rubio, US Secretary of State
