Kaja Kallas, the European Union’s High Representative for Foreign Affairs and Security Policy, announced this initiative as Brussels intensifies its efforts to cut off financial resources supporting Moscow’s war in Ukraine.
Russia initiated its full-scale invasion of Ukraine in February 2022.
While announcing the sanctions package, Kallas indicated that the measures will target firms associated with Russia’s military-industrial complex, including those based in India, China, Turkey, Kyrgyzstan, Kazakhstan, and the UAE.
“Step by step, we are dismantling the foundations of Russia’s war economy,” Kallas stated in a post on X.
Kallas characterized this as the EU’s most extensive sanctions package in over two years, encompassing more than 170 proposed designations focused on the finance sector, energy industry, and drone manufacturing.
“We are stripping Russia of the resources it needs to finance its war,” she added.
According to Kallas, the new measures will enforce asset freezes on nearly 90 banks and implement additional transaction bans on over 30 banks in Russia and other countries. The EU also plans to prohibit transactions involving 11 crypto platforms and enhance limits on crypto-asset services.
In the energy sector, Brussels proposes a temporary suspension of the Russian oil price cap, new restrictions on the resale of LNG tankers to Russia, and sanctions on 30 more vessels associated with Moscow’s shadow fleet.
The sanctions will further target over 30 entities engaged in drone production and restrict the export of various materials and technologies, such as nickel powders, metals, and high-performance alloys used in manufacturing.
The EU and its Western partners have imposed several sanctions over the past few years aimed at curtailing Moscow’s capacity to finance its war and acquire critical technologies.
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First Published: Jun 10, 2026 12:21 PM IST
