It also introduces new import bans on metals, chemicals and critical minerals, as well as further export restrictions on items and technologies used for Russia’s battlefield effort, such as materials used to produce explosives.
The package lists 20 more Russian regional banks as well as several banks in third countries that are perceived as facilitating trade in sanctioned goods.
Von der Leyen said a drop of 24 percent in Russian oil and gas revenues last year, to the lowest since 2020, confirmed that sanctions were working. “We will continue to use them until Russia engages in serious negotiations with Ukraine for a just and lasting peace,” she asserted.
EU countries would need to approve the package for the measures to take effect, with the goal getting a deal over the line in time for the four-year mark of Vladimir Putin’s war of aggression against Ukraine on Feb. 24.
The proposal comes on the heels of a round of trilateral talks between Ukrainian, American and Russian negotiators this week in Abu Dhabi, where Ukraine and Russia agreed to swap 314 prisoners of war.