EU Plans 19th Round of Sanctions Against Russia, Accelerates Fossil Fuel Phase-Out

The European Union has declared its intention to significantly intensify sanctions against Russia and its allies, with the goal of hastening an end to the conflict in Ukraine. The EU's statement characterized Russia's use of drones to breach Polish airspace as an "aggressive and reckless act," indicating a major escalation by Russia. The EU is contemplating a 19th round of sanctions that could affect Russia's payment and credit systems, as well as cryptocurrency exchanges, and impose additional restrictions on oil trade. Furthermore, the EU is exploring enhanced sanctions against major Russian oil companies and prohibiting the export of equipment used for oil production.

The EU's executive vice-president hinted at the possibility of accelerating the timeline for phasing out Russian fossil fuels. During a speech at the European Parliament, the executive vice-president mentioned that the EU is developing a comprehensive 19th package of sanctions against Russia, with a focus on expediting the phase-out of Russian fossil fuels. The EU has already substantially reduced its imports of Russian gas and oil since the start of the war in Ukraine, and in June, it released a roadmap for gradually phasing out the remaining imports, with a target completion date of December 31, 2027. However, the mention of "accelerating the phase-out" suggests that the EU is exploring options to advance this timeline.

The EU is also considering potential sanctions against third countries that purchase Russian oil. This move is part of a broader strategy to increase economic pressure on Russia and its supporters. The EU's discussions on this matter are ongoing, and any decisions will be made in coordination with partner countries. The executive vice-president also announced plans to advance tough measures against certain entities, including suspending bilateral support and proposing sanctions against certain individuals and groups. This decision comes in response to the humanitarian crisis in a certain region and criticism of the EU's lack of diplomatic response. However, implementing these sanctions will require approval from EU member states, which may prove challenging.

The EU's annual policy speech, delivered by the executive vice-president, is modeled after the U.S. State of the Union address and is the EU's largest event of the year. This year's speech marked the start of the executive vice-president's second five-year term. During the speech, the executive vice-president defended the EU's trade agreement with the U.S., emphasizing the importance of maintaining market access and ensuring the best possible agreement for EU businesses. The executive vice-president also reiterated that the EU will determine its own regulations regarding environmental and digital governance.