The European Union has proposed a broad new package of sanctions aimed at further constraining Russia’s oil revenues, financial system, and trade networks as the war in Ukraine approaches its fourth year.
The measures, unveiled by the European Commission on Friday, build on existing restrictions and are intended to tighten pressure on Moscow amid ongoing but uncertain diplomatic efforts.
EU officials framed the proposals as an escalation of earlier actions, reflecting frustration over Russia’s continued military operations and its ability to sustain the war economy.
At the center of the package is a sweeping ban on shipping and related services that support Russia’s seaborne crude oil exports.
The proposal would halt the use of Western shipping services that have enabled Russia to export more than a third of its oil, largely through tankers registered in Greece, Cyprus, and Malta.
These exports primarily supply India and China, and the ban would effectively replace the G7’s price cap mechanism, which has had mixed results.
The Commission also plans to expand sanctions on Russia’s shadow fleet by adding dozens of vessels, bringing the total number of listed ships into the hundreds.
Additional restrictions would target maintenance and servicing of Russian liquefied natural gas tankers and icebreakers.
EU envoys from the bloc’s 27 member states are set to begin discussions on the proposal on Monday, with approval sought by Feb. 23.
Beyond energy, the package seeks to further weaken Russia’s banking system and its ability to create alternative payment channels.
Proposed measures include sanctions on additional regional banks and cryptocurrency firms accused of facilitating sanctions evasion.
New bans would restrict exports of goods and services such as tractors, rubber, and cybersecurity tools, while imports of certain metals, chemicals, and critical minerals would also be prohibited.
The plan introduces the EU’s new Anti-Circumvention Tool, allowing restrictions on sales to third countries suspected of helping Russia bypass sanctions.
Diplomatic sources said more than 100 individuals and entities could face asset freezes and travel bans if the package is adopted.