The EU will impose new sanctions on Russia: Aluminium and bank restrictions, but LNG to remain unchanged

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The European Union will not impose restrictions on the supply of Russian liquefied natural gas (LNG) in the new package of sanctions, but the issue of gradual abandonment of this resource will be included in the roadmap for the future, Bloomberg reported on Wednesday, 29 January, citing sources.

The EU authorities intend to introduce a phased ban on imports of Russian aluminium, disconnect additional Russian banks from SWIFT and impose sanctions on more than 70 tankers involved in the transportation of Russian oil. These measures will be part of the 16th package of sanctions in response to Russia’s aggression.

According to the proposals, European buyers will be allowed to import up to 275,000 tonnes of Russian aluminium per year under quotas until a complete ban is imposed. In 2024, the EU has already imported about 320,000 tonnes, accounting for 6% of total imports.

The new package of sanctions also provides for the expansion of restrictions on Russian banks, aircraft and ports, as well as additional sanctions against companies, in particular from China and Turkey, that help Russia circumvent international sanctions.

The European Union also intends to restrict the supply of technologies used in the production of weapons and impose sanctions on a number of companies linked to Russia’s defence industry.

Instead of an immediate ban on Russian LNG supplies, this resource will be included in future steps as part of a gradual phase-out of energy supplies from Russia.