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Investing.com -- The European Union is preparing a fresh package of sanctions aimed at tightening pressure on Moscow, with measures expected to target Russian banks, energy companies, and the country’s oil trade, Bloomberg reported on Monday.
The plan, which would mark the bloc’s 19th round of sanctions since Russia’s full-scale invasion of Ukraine in 2022, could also restrict Russia’s payment and credit card systems, crypto exchanges, and third-country oil traders.
EU officials are set to travel to Washington this week to coordinate with U.S. counterparts on potential joint action, according to Bloomberg.
U.S. Treasury Secretary Scott Bessent said in a television interview Sunday that Washington is pushing for Europe to align on tougher measures. “We are prepared to increase pressure on Russia, but we need our partners in Europe to follow,” he said.
Bessent added that the U.S. and EU are discussing sanctions and secondary tariffs designed to push Russia’s economy toward “collapse” and bring President Vladimir Putin to the negotiating table.
While U.S. President Donald Trump has so far avoided direct sanctions on Moscow, he has escalated trade measures against others, doubling tariffs on India to 50% over its continued purchases of Russian oil.
Washington has also been weighing sanctions on Russia’s covert oil tanker fleet and energy majors Rosneft PJSC and Lukoil PJSC, Bloomberg said.
The EU package under discussion would expand restrictions on Russia’s shadow fleet and oil traders in third countries, potentially adding a ban on re-insuring sanctioned tankers. Brussels is also considering removing carve-outs that currently allow some oil-related transactions with Russian companies such as Rosneft.
In addition, the measures could introduce new export bans on goods and chemicals feeding into Russia’s military industry, as well as trade restrictions on foreign firms supplying those items.
Beijing has become an especially critical supplier to Russia’s military, enabling Moscow to ramp up production of drones used in strikes on Ukrainian cities, the report said.
Another proposal would see the EU deploy its new “anti-circumvention tool” for the first time, potentially against Kazakhstan.
According to Bloomberg, Brussels is weighing banning the country from importing certain machinery that is being diverted in large volumes to Russia for weapons production. The use of this tool requires extensive evidence and, like all EU sanctions, agreement from member states.
Additional options include tighter visa restrictions, measures on ports handling sanctioned tankers, and curbs on services such as artificial intelligence with military applications, the report added.
EU ambassadors were briefed on the draft measures over the weekend, with a formal proposal expected in the coming days. The package will be debated by member states in the weeks ahead and could change before final approval.