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EU approves Russia Sanctions Package 21
The European Union has approved Package 21 of sanctions against Russia since the start of its invasion of Ukraine in 2022. The measures include suspending the automatic adjustment of the Russian oil export price cap for one year in order to reduce Russia's revenue from fossil fuels. The sanctions also encompass a ban on dealings with 32 Russian banks, cryptocurrency companies, and oil trading platforms, as well as targeting ships supporting the Russian shadow fleet. Additionally, there is a step toward banning Russian fighters from entering the European Union. This move is part of an effort to limit Russia's ability to benefit from market shocks and reduce its capacity to fund the war, while maintaining an effective pressure tool on Moscow.
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