With the 16th round of sanctions adopted today, we are precisely targeting the sectors that still generate the highest revenue for Russia. The sanctions affect Russia’s energy sector, its trade and military sector. These are the EU’s broadest sanctions yet against Russia – they work, they continue to erode Russia’s already crumbling economy by reducing Russia’s revenues and weakening its military capabilities.
We have prohibited temporary storage of Russian petroleum products in the EU, restricted imports of primary aluminium originating in Russia, reduced opportunities for exports to Russia of dual-use and military goods. We also sanctioned 74 additional “shadow fleet” vessels. For the first time, six Russian airports and five sea ports are subject to a full transaction ban. Sanctions have been imposed on 13 Russian banks. Sanctions against Belarus have been further aligned to prevent circumvention. The package includes a number of additional listings for bypassing sanctions – of 83 individuals and 55 entities.
At this point, the lifting or relaxation of sanctions is out of the question. Russia has proved many times that it cannot be trusted. Constraining of Russia should continue to the maximum possible extent, with even more extensive measures. EU Member States also need to rapidly further reduce their economic dependence on Russia. It is vital to immediately find ways and legal solutions for the confiscation and channelling of all immobilised assets of the Central Bank of Russia in support and reconstruction of Ukraine. Russia has to pay for its deeds, no one else.