EU Unveils 19th Russia Sanctions Package, Accelerating Gas Ban and Tightening Finance Rules

Overview

• The European Commission presented the 19th sanctions package and urged swift approval by member states following recent escalations linked to Russia.
• The proposal moves up a ban on Russian gas and LNG imports to take effect on January 1, 2027.
• The plan lowers the price cap on Russian crude to $47.6 per barrel and steps up enforcement against the so‑called ghost fleet and third‑country oil traders and refiners.
• Financial measures include a prohibition on transactions with Russian banks, new limits on crypto platforms and transactions, and actions targeting Russia’s MIR card network and SBP fast‑payment system.
• Rosneft and Gazprom would be barred from transactions with EU entities, and the Commission is evaluating how frozen Russian assets could support Ukraine’s defense.