EU envoys will meet on Wednesday to discuss a 15th round of sanctions targeting Russian oil tankers and Chinese firms involved in drone production for Moscow. The new measures aim to further restrict Russia’s access to financial assets and tighten pressure on its oil revenue.
European Union envoys are set to meet on Wednesday to discuss a 15th round of sanctions against Russia in response to its 2022 invasion of Ukraine.
Among the proposed measures are sanctions targeting tankers transporting Russian oil and Chinese companies involved in the production of drones for Moscow, according to EU diplomats.
The new sanctions would add 29 entities and 54 individuals to the EU’s existing list, which already includes over 2,200 individuals and organisations. Those added to the list would face travel bans and asset freezes within the 27-member bloc, with little expectation of significant opposition, the diplomats noted.
A more substantial sanctions package is expected to be proposed in January, after Poland takes over the EU's rotating presidency from Hungary. Hungary’s Russia-friendly leader has previously delayed or blocked measures aimed at assisting Ukraine.
In September, Reuters revealed that Russia had established a weapons programme in China to develop and produce long-range attack drones. The proposed inclusion of 48 tankers in the sanctions list is part of ongoing efforts by Western allies to curb Russia’s oil revenues by reinforcing the G7 price cap on Russian oil, although Western officials acknowledge that the effectiveness of the cap is expected to wane over time.
The 16th sanctions package, anticipated later, is expected to impose tighter restrictions on Russian liquefied natural gas (LNG) flows and expand the use of the “No Russia” clause. This would require subsidiaries of EU companies based in third countries to prevent the re-export of certain goods to Russia.
The EU is also looking to target financial institutions that help Russia bypass Western sanctions, in a move similar to actions already taken by the United States earlier this year.
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The Munich Security Conference concludes on Sunday (15 February) with discussions centred on Europe’s role in an increasingly unstable global landscape, including security coordination, economic competitiveness and the protection of democratic values.
Start your day informed with AnewZ Morning Brief: here are the top news stories for the 15th of February, covering the latest developments you need to know.
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