The EU is reportedly exploring new sanctions targeting approximately six Russian banks and energy companies as part of its latest effort to pressure Russian President Vladimir Putin to end the Russia-Ukraine conflict. The package, expected to be the 19th round of sanctions since the full-scale invasion of Ukraine in 2022, is also likely to target Russia's payment and credit card systems, cryptocurrency exchanges, and further restrictions on the country's oil trade.
Sources indicate that the EU aims to coordinate some of its latest measures with the United States. A delegation from the EU is scheduled to travel to Washington this week to meet with their US counterparts and discuss the possibility of joint action.
US Treasury Secretary Baisent stated last Sunday that the United States is prepared to increase pressure on Russia but needs its partners in Europe to follow suit. He added that the US and Europe are discussing new sanctions and secondary tariffs, hoping that a "collapse" of the Russian economy will bring Putin to the negotiating table with Ukraine.
While US President Trump has so far refrained from imposing direct sanctions on Russia, he has doubled tariffs on India to 50% to penalize its continued purchase of Russian oil.
Moscow has managed to mitigate the impact of some sanctions imposed by the US and Europe by procuring restricted goods from third countries and finding customers for its oil and gas in India and elsewhere. Furthermore, the EU is considering using "anti-circumvention" tools for the first time against Kazakhstan, preventing it from importing certain machinery allegedly used in weapons production in Russia.
Other measures being considered include visa restrictions, restrictions on ports handling sanctioned shadow fleets, and sanctions on services related to artificial intelligence with military implications. The proposal is expected to be formally presented in the coming days after EU ambassadors were briefed on it last weekend.
It's important to note that sanction packages are always subject to change and may evolve before final approval by all EU member states.
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