BRUSSELS – A new package of economic sanctions imposed by the European Union against Russia officially took effect on Tuesday evening, targeting the nation's critical technology and financial sectors in a continued effort to apply pressure on Moscow over its ongoing war in Ukraine.
The measures, which represent the latest tightening of the EU's economic restrictions, were formally adopted and entered into force, aiming to further cripple Russia's ability to fund and supply its military campaign.
According to a statement from Brussels, the sanctions are specifically designed to degrade Russia's industrial and technological capabilities. This includes an expanded ban on the export of dual-use goods and advanced technologies that could be used by Russia's defense industry. The restrictions will also target key components used in drone manufacturing and other high-tech weaponry.
In the financial sector, the new package reportedly adds several more Russian banks to the list of entities cut off from the SWIFT international payments system. It also introduces further restrictions on Russia's access to European capital markets, making it more difficult for the Kremlin to raise funds.
An EU official stated that the goal is to systematically erode the economic base that sustains the Russian war effort. "Our resolve to support Ukraine is unwavering, and our sanctions are a key part of that commitment," the official said in a press release. "This package will further limit the Kremlin's options and increase the cost of its aggression."
This latest round of sanctions comes as fierce fighting continues in eastern Ukraine. The move is expected to be met with condemnation from Moscow, which has consistently described Western sanctions as illegal and counterproductive.
