The European Union is contemplating the release of its 16th sanctions package against Russia in February 2025, when the Russia-Ukraine geopolitical conflict will mark a third anniversary. A preliminary draft has been outlined for the forthcoming package, restricting aluminium imports, military equipment, and all those vessels transporting Russian oil. The 16th sanctions package is also likely to impose limitations on international payment systems SWIFT, said the people involved in the bloc committee discussion.
All these actions are specifically aimed at undermining Russia's revenue streams and limiting its ability to fund the war. A month ago, ten European Union member states even appealed for stricter sanctions on Russian aluminium, recognising the metal as a critical source of income for Russia. That was when the European Union's 15th sanctions package came into effect, extending restrictions from aluminium wire, pipes, and foil to primary metal.
The draft proposal of the 16th sanctions package is still under discussion and development between EU member states to determine the timeline and scope of sanctions on aluminium and to decide on the road map to restrict liquefied natural gas from Russia. While many nations have urged a ban on Russian gas imports, the EU still needs to conclude whether they should impose sanctions, put specific regulations, or apply a mix of the two.
Repercussions of sanctions on the European Union so far
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