European Commission | The European Commission welcomes the adoption of the 18th Russia sanct...

🇪🇺The European Commission welcomes the adoption of the 18th Russia sanctions package.The new measures focus on five building blocks: cutting Russia's energy revenues, hitting Russia's banking sector, further weakening its military-industrial complex, strengthening anti-circumvention measures, and holding Russia accountable for its crimes against Ukrainian children and cultural heritage. With this package, the number of listed vessels in Russia's shadow fleet reaches a total of 444 vessels, and the number of individual listings exceeds 2,500. This package also includes new sanctions against Belarus.The 18th package includes the following key elements:ENERGY MEASURES ▪️Lowering of the Oil Price Cap for crude oil from 60 to 47.6 USD, and introduction of an automatic and dynamic mechanism for its review in the future. The new system will ensure that the cap is always 15% lower than the average market price for Urals crude in the previous period of six months, resulting in both predictability for operators and downward pressure on Russian energy revenues.▪️Transaction ban for Nord Stream 1 and 2: This means no EU operator can engage in any transaction regarding the Nord Stream pipelines.▪️Import ban on refined oil products derived from Russian crude: This means a clampdown on refined product imports made from Russian crude that are processed abroad and delivered into the EU. This will prevent Russian crude oil from reaching the EU market in any form.▪️105 additional vessel listings, meaning that a total of 444 vessels in Russia's shadow fleet are now listed by the EU. 3 LNG tankershave been delisted following firm commitments that these vessels will no longer engage in the transport of Russian energy to the Russian Yamal and Arctic 2 projects. Listed vessels are subject to a port access ban and a ban on receiving services.▪️Full-fledged listings - asset freezes, travel bans - throughout the shadow fleet value chain. These target both Russian and international companies managing shadow fleet vessels, traders of Russian crude oil, as well as a major customer of the shadow fleet, a refinery in India with Rosneft as its main shareholder. For the first time, we are also designating a captain of a shadow fleet vessel as well as an operator of an open flag registry. FINANCIAL MEASURES▪️ Transforming the ban on provision of specialised financial messaging services with certain Russian banks into a full transaction ban: This means EU firms are banned from doing any business, including providing specialised messaging services subject to this measure so far, with the 23 listed entities.▪️ Adding another 22 Russian banks to this transaction and messaging ban, bringing the total to 45. No EU operator will be able to engage with any of the listed banks directly or indirectly, including providing specialised messaging services.▪️ Broadening the transaction ban for third-country financial operators , including crypto-asset providers who help circumvent sanctions, support Russia's war of aggression against Ukraine, or are connected to Russia's financial messaging service. EU operators are banned from carrying out transactions with any of those financial operators.▪️ New transaction ban targeting the Russian Direct Investment Fund (RDIF), its subsidiaries, its investments and financial institutions supporting them . The new measures prohibit engaging with any legal person, entity or body in which the RDIF holds any ownership or investments.▪️ Ban on provision of certain banking software: The prohibition on provision of services and software to the Russian Government and to Russian companies will now include key types of banking software. TRADE MEASURESThe package expands export restrictions and bans to further disrupt and weaken Russia's military-industrial complex. These include:▪️ Restrictions on additional advanced technologies; ▪️ Further export bans that correspond to almost €2.1 billion of exports in 2024 terms. 📄Check our press release for the full package of measures. @europeancommission