European Commission proposes 22nd sanctions package against Russia

The European Commission is proposing a 22nd package of sanctions against Russia, aimed at further restricting the country's revenue streams. EU High Representative for Foreign Affairs and Security Policy, Kaja Kallas, announced the proposal during a European Parliament session in Strasbourg.

The proposed measures focus on three primary areas: the ‘shadow fleet’ used to transport Russian oil and petroleum products despite existing bans, the energy sector, and the banking sector. Kallas noted that the EU intends to target specific sectors and entities, including those located in third-party countries.

The timing of this proposal follows significant energy price volatility in Europe, with gas prices rising 140% and diesel prices increasing 100%. While the EU previously expanded its sanctions list in October to include nearly 1,600 individuals and organizations linked to Russia's military-industrial complex, the 22nd package remains under development and requires unanimous approval from EU member states.