On Thursday, June 18, leaders of the European Union countries will make a fundamentally important decision that changes the standard practice of imposing restrictions on Moscow. Instead of the usual six-month extension, Brussels intends to approve sectoral sanctions for a term of 12 months.
This information was provided by Radio Liberty correspondent Rikard Jozwiak, whose words are cited by RBC-Ukraine. According to the journalist, key players who traditionally block or slow down the tightening of measures — Slovakia and Hungary — in this case have no objections to a one-year term. The formal signing of documents is expected later, during the summer period.
Focus on energy and war financing
The new approach to the duration of sanctions is directly linked to increasing pressure on the Russian economy. The main blow of the 21st package of restrictions, presented by the European Commission on June 9, is aimed at the Russian energy sector. It is precisely the income from energy exports that allows Russia to finance military actions in Ukraine.
The main goal of energy sanctions is to strictly limit Moscow's profits from oil sales, including through price cap mechanisms. This decision was agreed upon by the leaders of the "G7" countries at a recent summit, where the parties agreed on the need to increase pressure on aggression.
What else is included in the 21st package?
The list of restrictions in the new package is broad and covers various areas of activity. The following have come under attack:
- Russian banks and financial institutions;
- Trading and fishing companies;
- The financial services and cryptocurrency sector;
- Former Russian combatants, who will be banned from entering the EU territory.
For these measures to enter into force, they must be unanimously approved by the EU Council. It is expected that the vote will be successful, allowing Brussels to move to a more long-term strategy of isolating the Russian economy.