EU readies new sanctions package on Russia’s oil and finances — Bloomberg

New package of sanctions

This will be the 19th package of EU sanctions since Russia's full-scale invasion of Ukraine in 2022.

Possible measures include restrictions on Russian payment and credit systems, crypto exchanges, and new steps against the country's oil trade.

The EU hopes to coordinate some of the measures with the US. A delegation of European officials will travel to Washington to discuss joint action.

US position

"We are prepared to increase pressure on Russia, but we need our partners in Europe to follow," US Treasury Secretary Scott Bessent said in an interview with NBC.

He noted that the US and Europe are discussing new sanctions and secondary tariffs, hoping that economic collapse will push Putin to negotiate with Ukraine.

US President Donald Trump has so far refrained from imposing direct sanctions against Russia.

However, he doubled tariffs on Indian oil to 50% due to continued purchases from Russia.

Restrictions on energy sector

Moscow is already under tough sanctions, but it's partly offsetting them by supplying through China and other countries.

Plus, Russia has found buyers for its oil and gas in India and other countries.

The US is discussing the possibility of imposing sanctions against the shadow fleet of Russian tankers, as well as against energy giants Rosneft and Lukoil.

The EU also plans to expand the list of restrictions, including a ban on reinsurance of ships and restrictions for oil traders in third countries.

Tighter controls

Brussels is discussing new bans on the export of goods and chemicals used in Russia's military industry.

Foreign companies, including Chinese ones, that supply these goods to Moscow may also be affected.

China has become a key supplier of components for the production of drones, which Russia uses to attack Ukrainian cities.

Possible measures against Kazakhstan

Separately, the EU is considering applying an anti-circumvention tool against Kazakhstan.

According to the European Union, some goods imported by the country are being shipped in large quantities to Russia for the production of weapons.

However, the use of this tool requires substantial evidence and the consent of all EU countries.

The final version of the sanctions package may change during discussions in the coming weeks.

What else could be included in package

Additional measures include visa restrictions, restrictions on ports serving the shadow fleet, and sanctions against services with military applications, including artificial intelligence.

The new package is expected to be officially presented in the coming days.

After Russia's full-scale invasion of Ukraine, the EU imposed 18 packages of sanctions, which led to a sharp reduction in imports from Russia.

As part of the 18th package of sanctions against Russia, the EU lowered the price cap on Russian oil from $60 to $47.6. The decision took effect on September 3.