EU Unveils 21st Sanctions Package Targeting Russian Oil, Banks, and Cryptocurrency
By
Dariia Mykhailenko
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Summary
The European Commission presented its 21st sanctions package against Russia on June 9, targeting energy (particularly oil price caps), financial services, cryptocurrencies, trade, and fisheries. The measures aim to restrict Russia's war economy by limiting oil revenues, targeting banks and crypto transactions, and expanding trade restrictions. The package requires unanimous approval from the Council of the European Union.
Key quotes
· 3 pulledAccording to European Commission President Ursula von der Leyen, the proposed measures target sectors deemed to have the highest impact on Russia's war economy.
The package must now be reviewed and unanimously approved by the Council of the European Union.
A key focus of the sanctions is limiting Russian oil revenues through an adjusted price cap mechanism.
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