EU preparing 20th sanctions package targeting Russia and Belarus
Illustrative photo: EU preparing its 20th sanctions package against Russia (Getty Images)
The European Union has begun preparing its 20th sanctions package against Russia. Among other measures, the EU is considering sanctions targeting Russia's allied regime in Belarus, Delfi reports.
The preparation of the 20th package was discussed on November 8 by Kristupas Vaitiekūnas, Lithuanian Minister of Finance, and Maria Luís Albuquerque, European Commissioner for Financial Services and the Savings and Investments Union.
The new sanctions will target not only Russia but also Belarus's regime, allied with Moscow. Lithuania's finance minister specifically urged the EU to focus on Minsk during the drafting of the new sanctions package.
It has been proposed to align sanctions on Belarusian President Alexander Lukashenko's regime with the current restrictions imposed on Russia. New measures are also under consideration, though the process remains in its early stages.
Albuquerque said that the EU is working with third countries, as some of them were helping to circumvent sanctions.
New sanctions against Russia and their impact
On October 23, US President Donald Trump announced a new sanctions package targeting Russia's energy sector. Russian oil companies Lukoil and Rosneft, along with their subsidiaries, were included in the restrictions.
The same day, the European Union officially approved a new sanctions package against Russia. The measures aim to reduce Kremlin revenue and prevent sanctions evasion through third countries.
By early November, Russia's Ministry of Finance acknowledged that Kremlin oil and gas revenues had fallen by 27% year-on-year. Sanctioned oil companies also suffered major losses, losing billions in market capitalization. Meanwhile, Russian exports to China collapsed, and India began turning away from Russian oil.
