The European Union has formally approved “one of its strongest” sanctions packages against Russia, following the crucial lifting of a veto by Slovakia that had previously delayed its adoption. The comprehensive new measures target Russia’s energy revenues, financial sector, and military-industrial complex, intensifying pressure on Moscow over its ongoing conflict with Ukraine. This agreement signifies a united front within the EU, despite earlier internal disagreements that complicated the package’s passage.
The 18th package of sanctions, unveiled by EU foreign policy chief Kaja Kallas, includes a reduced oil price cap from $60 to approximately $48 per barrel, a ban on transactions linked to the Nord Stream gas pipelines (despite them being non-operational), and expanded restrictions on Russia’s so-called “shadow fleet” of vessels used to circumvent existing sanctions. Over 100 additional ships have been added to the EU’s blacklist, bringing the total number of sanctioned vessels to more than 400.
Slovakia had been the sole holdout, resisting the package for over a month due to concerns about the impact on its energy supply, particularly its reliance on Russian gas. Slovak Prime Minister Robert Fico had used the unanimity requirement for sanctions approval as leverage, linking it to a separate EU proposal to phase out Russian energy imports by the end of 2027. However, an agreement was reportedly reached with the European Commission, providing Slovakia with certain energy supply guarantees and leading to the withdrawal of its veto.
Beyond energy, the new measures significantly target Russia’s banking sector, with new restrictions against 22 Russian banking institutions and an extension of the current exclusion from the SWIFT system to a total ban on transactions. The package also includes a prohibition of transactions with the Russian Direct Investment Fund (RDIF) and further restrictions on Moscow’s access to civil technologies. Two Chinese banks were notably included in the list of sanctioned entities for allegedly facilitating sanctions evasion.
The adoption of this package, described as one of the most impactful to date, signals the EU’s unwavering commitment to supporting Ukraine and weakening Russia’s capacity to wage war. It comes as European nations also ramp up efforts to buy more weapons from the U.S. for Ukraine’s defense. The EU continues to emphasize that it will keep raising pressure on Russia until the conflict in Ukraine ends, demonstrating a sustained resolve despite the economic implications for some member states
