European Union ambassadors failed to agree on the 20th package of sanctions against Russia on February 20. The next meeting is scheduled for February 25, but a meeting of EU foreign ministers will take place on February 23, where the issues will be discussed again.
A top EU diplomat informed the Public about this.
EU High Representative Kaia Kallas emphasized that the adoption of a new package of sanctions is planned for next Monday, February 23.
“The sanctions are working. They are seriously damaging the Russian economy, and each new measure further limits its ability to wage war. Moscow is not invincible, its army is suffering record losses, and the economy is under great pressure. But Putin will not stop this war until the costs exceed the benefits. And that is exactly what we need to achieve,” said Kaia Kallas.
On February 6, the European Commission proposed a 20th package of sanctions against Russia, targeting its energy, banking, and trade sectors. The new restrictions are expected to further reduce Russia's oil revenues and make it harder to circumvent sanctions through a shadow fleet and cryptocurrencies.
In the energy sector, a complete ban on maritime services for the transport of Russian crude oil is proposed. This is expected to reduce Russia's energy revenues and make it more difficult to find buyers. The ban is planned to be implemented together with partners after a corresponding decision by the G7.
The EU is also expanding sanctions against the shadow fleet: 43 more vessels are being added to the list – a total of 640 ships will be subject to restrictions. Separately, a complete ban on maintenance and other services for LNG tankers and icebreakers is being introduced, which should hit Russian gas export projects and supplement the already existing restrictions on the import of liquefied gas.
The second set of measures concerns Russia's financial system. It is planned to add another 20 regional banks to the sanctions list, as well as restrict the use of cryptocurrencies, platforms and companies that help circumvent sanctions. Banks of third countries that facilitate trade in sanctioned goods may also be subject to restrictions.