Energy sector

• The oil price cap for Russian crude has been reduced from US$60 to US$47.6 per barrel, with a dynamic mechanism ensuring it remains 15 per cent below market prices.
• A ban on transactions related to Nord Stream 1 and 2 pipelines has been imposed.
• Import restrictions now cover refined petroleum products derived from Russian crude oil, even if processed in third countries.
• There are 105 additional vessel listings, meaning that sanctions extended to 444 vessels in Russia's "shadow fleet”, with asset freezes and port access bans targeting entities involved in circumventing sanctions.

Banking and financial measures

• A transaction and messaging ban now applies to 45 Russian banks, including 22 newly listed institutions.
• The ban on the provision of specialised financial messaging services with some Russian banks is now a full transaction ban.
• Restrictions have been expanded to third-country financial operators and crypto-asset providers aiding in sanctions evasion.
• The Russian Direct Investment Fund (RDIF) and its subsidiaries face a complete transaction ban, limiting Russia's access to global financial markets.
• A ban on selling, supplying, transferring, and exporting software management systems and software with certain uses is introduced.

Military and trade restrictions

• Export bans on advanced technologies and dual-use goods have been expanded, targeting Russia's military-industrial complex and its supply chains.
• Sanctions now include entities in third countries, such as China and Turkey, involved in circumventing restrictions.
• Additional measures target Belarus, mirroring sanctions imposed on Russia.

Accountability and human rights

• Individuals involved in the indoctrination of Ukrainian children and the manipulation of cultural heritage have been sanctioned.
• Measures to protect EU member states from arbitration claims related to sanctions.

This sanctions package underscores the EU's commitment to supporting Ukraine and apply pressure on Russia. The measures aim to weaken Russia's economic and military capabilities while ensuring accountability for its actions.

The European Commission’s press release can be found here and the European Council’s press release here.