The EU is set to propose a 21st package of sanctions against Russia for its war in Ukraine on Wednesday targeting the country's bank and crypto networks to increase the chances of a banking crisis and Moscow's appetite to negotiate a peace deal, EU High Representative for Foreign Affairs and Security Policy Kaja Kallas said on a social media post, Reuters reports.
The post reads:
"Brick by brick, we are collapsing the foundations of Russia's war economy. Today, we are presenting our proposals for a 21st sanctions package against Russia. This includes a temporary freeze of the Russian oil price cap and designations of institutions used by Moscow to generate revenues and circumvent EU sanctions. It will target banks, weapons manufacturers, oil traders, refineries, and crypto operators in third countries."
The package is expected to list up to 90 banks - the biggest in one go - and would take the total of listed banks to over 100, accounting for more than 50% of Russia's internationally connected lenders.
The banks will come under the full weight of EU sanctions including asset freezes, travel and transaction bans.
On top of the listings by the EU's diplomatic arm EEAS, the European Commission will propose to ban transactions with 35 banks as well as a dozen crypto platforms that help Russia evade Western restrictions including in third countries, the source added.
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