Ursula Von Der Leyen: It's Time To Turn Off The Tap

Full list of new EU sanctions against Russia.

The European Commission has proposed hitting Russia's energy, finance and cryptocurrency operations, as well as imposing sanctions against companies in other countries that help Russia sell oil and acquire technology and products for weapons production. Such measures as part of the 19th package of sanctions were unveiled Friday by EC Chairwoman Ursula von der Leyen, writes The Moscow Times.

Vladimir Putin is not only not stopping, but even stepping up his bombing of Ukraine. "[And] in the last two weeks, Russian Shahed drones have violated our union's airspace in Poland and Romania. A man who wants peace doesn't do that. Putin is escalating again and again. And in response, Europe is stepping up the pressure," von der Leyen said.

Energy. The price ceiling for Russian oil is lowered from $60 to $47.7 a barrel, as planned. Another 118 ships of the shadow fleet are blacklisted (the total number under sanctions exceeds 560). A complete ban on transactions with Rosneft and Gazprom Neft is imposed, "the assets of other" energy companies will also be frozen. The EU will also go after those who buy oil from Russia in violation of the sanctions, helping it to wage war, von der Leyen promised: "We are targeting refineries, oil traders, petrochemical companies in third countries, including China."

With regard to the EU's own purchases of oil and gas and Russia, which Donald Trump has demanded to stop, the EC chairwoman promised to abandon them, but did not announce specific measures and deadlines. "Russia's oil revenues in Europe have fallen by 90% in three years. Now we will turn that page forever," she said.

In addition, von der Leyen said: "We are banning the import of Russian LNG to European markets. It is time to turn off the tap. We are ready for this." Earlier it was reported that the EC has developed a plan to postpone the embargo on Russian LNG from early 2028 to early 2027."We know that our sanctions are an effective tool of economic pressure. And we will continue to apply them until Russia sits down at the negotiating table with Ukraine to achieve a just and lasting peace," von der Leyen concluded.

Finance. Von der Leyen promised a tougher fight against financial loopholes that Russia uses to circumvent sanctions. For this purpose, the EC proposes to expand the blacklist of Russian banks, as well as to include banks in third countries, including those connected to Russian alternative payment systems. Also, the EU measures will for the first time affect crypto platforms and ban transactions with cryptocurrencies, limit transactions with organizations in special economic zones.

Export. The EC proposes to expand the list of goods and technologies subject to export restrictions. In this area, sanctions would be imposed on 45 companies in Russia and third countries that help it supply its military-industrial complex.

Aid to Ukraine. Von der Leyen reiterated that the EC is developing a scheme to use frozen Russian reserves to provide Ukraine with a reparation loan. The assets themselves are not expected to be touched, she assured, and EU countries will share the risks.

The Euroclear account now holds 170 billion euros in the form of cash resulting from the redemption of bonds, which the Bank of Russia held in reserves (their total amount in Euroclear is 194 billion euros).

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