The European Union has unveiled a new package of sanctions against Russia, proposing restrictions on dozens of banks, cryptocurrency platforms and oil tankers as part of ongoing efforts to increase economic pressure on Moscow over the war in Ukraine.

European Commission President Ursula von der Leyen announced that the proposed 21st sanctions package would target around 90 financial institutions and cryptocurrency-related entities operating in Russia and third countries that are accused of helping Moscow circumvent existing restrictions.

The proposal also includes additional export controls aimed at weakening Russia's industrial and military capabilities. Under the plan, new restrictions would be imposed on the export of metals, alloys and a range of components used in the production of drones and other strategic technologies.

European officials say the measures are intended to limit Russia's ability to sustain its military operations by restricting access to critical technologies and financial networks.

The package further seeks to tighten pressure on Russia's energy sector, one of the country's most important sources of revenue. While the European Commission does not currently propose changes to the existing price cap mechanism on Russian oil exports, it has recommended adding 30 more oil tankers to the sanctions list.

Western governments have increasingly focused on what they describe as Russia's "shadow fleet"—a network of aging vessels allegedly used to transport oil outside the scope of international restrictions. European policymakers argue that expanding sanctions against such vessels is necessary to reduce Moscow's ability to generate export income.

The latest measures form part of a broader EU strategy aimed at increasing economic and financial pressure on Russia more than four years after the outbreak of the war in Ukraine. Since 2022, Brussels has imposed multiple rounds of sanctions targeting Russian banks, energy exports, military suppliers and individuals linked to the Kremlin.

The proposed package will now be reviewed by EU member states, whose unanimous approval is required before the new measures can take effect.

Von der Leyen said the bloc remains committed to maintaining pressure on Russia and closing loopholes that allow sanctioned entities to continue operating through alternative financial and trade channels.(ILKHA)