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Ulviyya Poladova

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The European Union is preparing to introduce its 21st package of sanctions against Russia over the war in Ukraine on Wednesday, with measures targeting the country’s banking system and cryptocurrency networks in an effort to increase financial pressure and encourage Moscow to engage in peace negotiations, AzerNEWS reports, citing Reuters.

The proposed package is expected to include up to 90 banks - the largest number ever sanctioned in a single round - bringing the total number of designated Russian banks to more than 100. These institutions represent over half of Russia’s internationally connected lenders.

The listed banks would be subject to full EU sanctions, including asset freezes, travel bans, and restrictions on financial transactions.

In addition, the European External Action Service (EEAS) is expected to propose further listings, while the European Commission plans to ban transactions with 35 banks and around a dozen cryptocurrency platforms. These platforms are reportedly used to help Russia circumvent Western sanctions, including through entities in third countries.

Trade restrictions also include new export bans on goods and technologies used by Russia’s military-industrial complex. The list covers additional types of metals and alloys used in the aerospace and defense industries, as well as equipment for unmanned systems, including ground-based maintenance units, electronic warfare jamming systems, and launch platforms.

At the same time, new import restrictions are being proposed on goods worth approximately €60 million, including certain types of metals, metal ores, and automotive components.

Image: Dado Ruvic / Reuters