European Commission Proposes 21st Russia Sanctions Package

The proposed package seeks to maintain pressure on Russia's war economy by targeting energy revenues, sanctions circumvention networks, financial services, crypto-asset providers and trade flows, while introducing new measures against individuals involved in Russia's invasion of Ukraine.

Key developments include:

➡️ Energy Measures: The EU proposes maintaining pressure on Russian oil revenues by pausing adjustments to the oil price cap until January 2027, restricting LNG tanker sales to Russia and targeting additional energy infrastructure;

➡️ Shadow Fleet Expansion: A further 30 vessels would be designated, alongside new measures targeting vessels supporting Russia's shadow fleet operations;

➡️ Financial & Crypto Restrictions: The package would extend transaction bans to 31 additional Russian banks and introduce measures against third-country banks, crypto firms, platforms and oil traders servicing sanctioned parties or facilitating sanctions evasion;

➡️ Crypto Enforcement: The EC proposes introducing the possibility of a full third-country ban on crypto-asset service providers that support sanctions circumvention;

➡️ Enhanced Export Controls: New restrictions would apply to metals, alloys, drone-related equipment and other technologies supporting Russia's defence and aerospace sectors;

➡️ Import Restrictions: Additional import bans would cover goods worth approximately €60 million, including selected metals, metal ores and vehicle components;

➡️ Fisheries Sector Measures: For the first time, the EU proposes substantial restrictions and bans on certain Russian fish imports; and

➡️ Entry Ban for Combatants: Individuals who have served in the Russian Armed Forces since the start of the invasion would be prohibited from entering the EU.

✅ Firms should review the measures outlined in the proposal, assess the impact on their specific business, and take immediate steps to appropriately uplift sanctions controls across screening, monitoring, and due diligence to ensure they are prepared for the package’s adoption.

💡Plenitude conducts Business-Wide Risk Assessments that help clients assess their inherent and residual risk across the full economic crime spectrum, including sanctions. To learn more, reach out to one of our team, or visit our website: https://www.plenitudeconsulting.com/services/advisory-and-transformation