EU set to launch 17th sanctions package against Russia on May 20
German Chancellor Friedrich Merz announced that the 17th EU sanctions package against Russia will be adopted on May 20. The sanctions will target the energy and banking sectors and address frozen assets. Further steps are already being planned.
Chancellor Merz stated on ZDF that the 17th European Union sanctions package against Russia is ready and will be enacted on May 20 during the EU Council meeting in Brussels.
Merz highlighted that consultations on this matter have been completed. According to Kommiersant, following the implementation of these new restrictions, European officials will begin work on the 18th sanctions package.
Banks and energy sector
The new sanctions will restrict Russia's energy and banking sectors. Additionally, EU authorities are considering further measures regarding frozen assets. According to EUobserver, 149 ships from the so-called shadow fleet may be blacklisted as part of the 17th sanctions package.
Bloomberg reports that the sanctions may also target companies such as Surgutneftegas, VSK, and the Lukoil branch in the United Arab Emirates, Litasco Middle East.
The adoption of new sanctions is another step in response to Russia's actions, aimed at further intensifying pressure on the Russian economy. EU authorities are continuing to work on additional packages to enhance the effectiveness of the sanctions and limit the ability of Russian companies to operate internationally.
