The European Union has adopted its 21st package of sanctions against Russia, marking the largest expansion of restrictive measures in four years. The Council of the European Union approved the package on July 23, 2026, adding 48 individuals and 170 entities to the sanctions list—a total of 218 new designations that bring the overall count to nearly 3,000.
Strategic Targeting of Russia’s Economy
The latest sanctions package delivers “harsh economic sanctions hitting the sectors that have the greatest impact on Russia’s economy and its ability to fuel its war of aggression against Ukraine,” according to an official EU press release. EU High Representative Kaja Kallas emphasized the package’s scope: “Our 21st package includes the highest number of listings in four years. We’re hitting over a hundred banks and crypto operators, 40+ vessels in Russia’s shadow fleet, and several oil refineries in Russia and Belarus. More than 50 military-industrial entities are included, key actors involved in the production of Russia’s long-range drones”.
Financial Sector Under Siege
The EU is significantly expanding action against Russia’s financial and banking sector. The Council is imposing asset freezes on 94 banks and major financial institutions while extending transaction bans to 33 additional Russian credit and financial institutions.
Major Russian banks now facing restrictions include:
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MTS Bank, Ak Bars Bank, OZON Bank, UralSib Bank
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Tochka Bank, Rosselkhozbank, Yandex Bank, Pochta Bank
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FINAM Bank, Russian Standard Bank, Wildberries Bank, Bank “Saint Petersburg”
Energy Sector Restrictions
The package freezes the Russian oil price cap mechanism at $44.10 per barrel until July 15, 2027, preventing an automatic increase that would have raised it to approximately $58.50.
The EU continues targeting Russia’s shadow fleet, adding 41 more vessels to the already sanctioned 632. For the first time, the EU is targeting vessels that provide bunkering and other support services to the shadow fleet, along with a crewing agency providing support.
Energy sector designations include:
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Inter RAO EU – a Russian multidisciplinary energy holding with 41 thermal power plants and 7 hydroelectric power plants
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Three Russian refineries and a major Belarusian oil refinery
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Two Russian ports and four Russian airports subject to transaction bans
New Crypto Sanctions
For the first time, the EU introduced the possibility of a full third-country ban for crypto-asset services as “a strong deterrent to countries hosting platforms that help Russia evade EU sanctions”. The EU extended transaction bans to 14 crypto-related service platforms based in Georgia, Panama, the UAE, the Marshall Islands, Kyrgyzstan, and Belarus.
Individuals Sanctioned
The package includes prominent Russian officials, businessmen, and public figures:
Government Officials:
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Mikhail Degtyarev – Minister of Sports of Russia
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Maxim Grigoriev – member of the Public Chamber of the Russian Federation
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Alexander Zharov – General Director of the Gazprom-Media holding
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Vladimir Tabak – General Director of ANO Dialog, sanctioned for so-called pro-Kremlin organizations and the RRN platform “which the EU says disseminates pro-Russian and anti-Ukrainian content”
Vladimir Tabak / Photo: alania.gov.ru -
Vladimir Medinsky – long-term assistant to Vladimir Putin
Businessmen:
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Andrey and Sergey Shnayders – co-owners of the Svetofor Group of Companies
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Mikhail Gutseriev – co-owner of the Safmar Group of Companies
Mikail Gutseriev / chechnya.gov.ru -
Oleg Belozerov – Chairman of the Board of Russian Railways
FIDE President Suspends Duties
Arkady Dvorkovich, President of the International Chess Federation (FIDE), was included in the sanctions list. Dvorkovich issued a statement declaring the decision “unlawful and unfair” and pledged to challenge it “by all possible means”.
“However, given that until a formal court decision is rendered and/or such decision is cancelled or amended, these sanctions could hinder the stable functioning of FIDE, I have decided to voluntarily suspend the exercise of my powers and duties as FIDE President with immediate effect,” Dvorkovich announced. In accordance with the FIDE Statute, Deputy President Viswanathan Anand, the 15th World Chess Champion, will assume presidential duties.
Military Industrial Complex and Propaganda
The package includes 56 listings of persons and companies involved in Russia’s Military Industrial Complex, with 37 directly linked to long-range drone production. Additionally, 51 entities were added to dual-use goods export restrictions, including third-country entities in China, Hong Kong, India, Kazakhstan, Kyrgyzstan, Turkey, and the UAE.
Eight individuals were designated for spreading “Russia’s war propaganda and contributing to its manipulative war narrative on Ukraine”.
Major Companies Sanctioned
PAO Moskovskaya Birzha (Moscow Exchange) – the sole Russian stock exchange for trading stocks, bonds, derivatives, currency, and commodities
AFK Sistema – one of Russia’s largest private investors, with total assets of 2.8 trillion rubles as of March 31, 2026. The EU designates it as “a legal entity engaged in an industry that provides a significant source of income to the government”.
Official Publication
“The relevant legal acts will shortly be published in the Official Journal of the EU,” according to the Council’s press release. The full list of designations is available in the Official Journal of the European Union (OJ L 2026/1845).
