EU sanctions set to tighten grip on Russia's economy May 20
German Chancellor, Friedrich Merz, announced that the 17th EU sanctions package against Russia will be adopted on May 20. The sanctions will cover the energy and banking sectors as well as frozen assets. Further steps are already being planned.
German Chancellor, Friedrich Merz, informed on ZDF that the 17th European Union sanctions package against Russia is ready and will be adopted on May 20 during the EU Council meeting in Brussels.
Merz emphasized that consultations on this matter have been completed, and after the implementation of new restrictions, European officials will begin work on the 18th sanctions package. Information, writes "Kommiersant."
Banks and energy sector
The new sanctions will include restrictions in Russia's energy and banking sectors. Additionally, EU authorities are considering further steps regarding frozen assets. According to EUobserver, as part of the 17th sanctions package, 149 ships of the so-called shadow fleet may be blacklisted.
Bloomberg reports that the sanctions may also target companies such as Surgutneftegas, VSK, and the Lukoil branch in the United Arab Emirates, Litasco Middle East.
The adoption of new sanctions is another step in response to Russia's actions, aimed at further exerting pressure on the Russian economy. EU authorities are continuing to work on subsequent packages intended to increase the effectiveness of the sanctions and limit the ability of Russian companies to operate on the international stage.
