The 20th package of EU sanctions will affect the energy sector in Russia and Belarus. These proposals were announced at the Coordination Council for Sanctions, chaired by the Minister of Foreign Affairs, Baiba Braze, and attended by representatives from more than 30 public and private institutions.
“Sanctions are working, and figure clearly demonstrate that sanctions are having a negative impact on the Russian economy. Sanctions by the EU, the U.S., the UK and other international partners are effective and must be further strengthened to constrain Russia and its co-aggressors. Together with Allies, we must continue to streamline coordination to mutually align sanctions against Russia’s energy sector and financial institutions, the shadow fleet vessels and their supporting ecosystem, including insurance and service companies.
It is also important to continue working on aligning sanctions against Russia and its co-aggressor Belarus. Sanctions must also be targeted against entities in third countries that help circumvent sanctions and support aggression. At the EU level, we are already working on the 20th round of sanctions – we will continue to target Russian energy exports, the shadow fleet and its supporters until the aggression is stopped,” said Baiba Braže.
According to the Kyiv School of Economics, Russia’s budget deficit is expected to reach $70 billion in 2025. Since the full-scale invasion of Ukraine, Russian lost profits from oil exports have reached nearly $160 billion and companies accounting for a quarter of revenue to the Russian budget are on the brink of bankruptcy.
