The European Union approved a new sanctions package against Russia on Monday, as U.S. President Donald Trump pushes for negotiations over Ukraine’s future.
The EU has adopted a sixteenth sanctions package to further increase collective pressure on Russia to end its war against Ukraine.
“EU delivers: Foreign Ministers just approved the 16th package of sanctions against Russia,” EU high representative for foreign affairs and security policy, Kaja Kallas, said in a statement.
“It hits everything from shadow fleet ships to gaming controllers used to control drones. We now have the most extensive sanctions ever, weakening Russia’s war effort.”
A recent analysis by BIMCO shows that three years after Russia’s invasion of Ukraine, the volume of dry bulk shipments from the two countries combined is 6% below pre-war levels.
However, the past 12 months have seen the countries’ dry bulk shipments develop in complete opposite directions.
“While Ukraine has seen an 87% y/y jump in shipments, Russia’s have taken a 6% y/y fall. Overall, their combined volume has increased 3% y/y over the last 12 months,” commented Filipe Gouveia, shipping analysis manager at BIMCO.
It has been barely two months since the latest tranche of restrictive measures imposed on Russia. The fifteenth package specifically targeted 52 (non-EU) vessels from the so-called Russian ‘shadow fleet’ with which the Kremlin circumvents Western restrictions on oil trade.
These vessels (non-EU) are subject to a port access ban and a ban on provision of services.
The package also included 84 additional listings, including 54 individuals and 30 entities, responsible for actions undermining the territorial integrity, sovereignty, and independence of Ukraine.
The new round of sanctions is expected to intensify the widespread fight against Russia, hitting dozens of new vessels.
Recently, the Ukrainian president Volodymyr Zelenskyy held a meeting in Munich with the president of the European Council António Costa and the president of the European Commission Ursula von der Leyen.
Special emphasis was placed on strengthening sanctions pressure on the Russian Federation and preparing the 16th sanctions package. Ukraine expects it to significantly limit Russia’s ability to continue financing the war.
From his side, the US Treasury Secretary Scott Bessent signalled last week that the US is ready for a ramp-up or wind-down of Russia sanctions. Speaking in an interview with Bloomberg, Bessent said that this move is based on Russia’s willingness to negotiate.
“The sequencing of what was going to happen was: bring the Ukrainians closer to the US through economic ties, convince the American people, the American public, get them onside,” he said. “And then tell the Russians, go to the negotiating table with a very fulsome message that if we need to, we will take sanctions up.”
When asked whether US is ready for ramp-up or wind-down of Russia sanctions depending on how negotiations progress, Bessent responded: “I think that’d be a very good characterization.”
