EU proposes new sanctions targeting Russian economy and military

• The EU has proposed its 21st sanctions package against Russia.
• Measures include restrictions on 31 Russian banks and 20 banks in third countries.
• The package aims to prevent Russian soldiers from entering the EU.
• New export and import restrictions target goods for Russia's military industry and reduce Russian imports.
• Crypto-asset service providers in third countries face prohibitions on aiding sanctions circumvention.
• The EU plans to freeze Russian oil prices and sanction more 'shadow fleet' vessels.

The European Union has unveiled a new package of proposed sanctions against Russia, aiming to weaken its economy and military. European Commission President Ursula von der Leyen stated that Russia's economy is "slowing sharply" as she presented the bloc's 21st sanctions package.

The proposed measures include barring former or current soldiers of the Russian armed forces from entering the EU, according to EU foreign policy chief Kaja Kallas. The package also introduces new export restrictions on goods that could be used by Russia's military industry and import restrictions to "lock in diversification away from Russian imports."

Additionally, the EU plans to target 31 Russian banks and 20 banks in third countries accused of serving sanctioned Russian individuals and entities. Crypto-asset service providers in third countries will be prohibited from assisting in the circumvention of sanctions. The bloc also intends to freeze the price of Russian oil and add more vessels from Russia's "shadow fleet" to the sanctions list.

The sanctions package also includes measures against Belarus, which is in a customs union with Russia and has allegedly served as a backdoor for circumventing restrictions. Von der Leyen asserted that the EU sanctions have been effective, citing declining living standards, high inflation, and rising taxes in Russia.