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European Commission President Ursula von der Leyen on Friday said "it is time to turn off the tap" as she announced plans to stop buying Russian liquefied natural gas (LNG), while unveiling its 19th package of sanctions against Moscow.
"Russia's war economy is sustained by the revenues from fossil fuels. We want to cut these revenues, so we are banning inputs to Russian LNG into European markets. It is time to turn off the tap," Von der Leyen said in a video statement. The sanctions come days after United States President Donald Trump urged NATO nations to halt oil purchases from Moscow and impose penalties on countries continuing energy trade with Russia. The latest package marks the first time that EU restrictive measures will hit cryptocurrency platforms. "We are stepping up our crackdown on circumvention. As evasion tactics grow more sophisticated, our sanctions will adapt to stay ahead. For the first time, our restrictive measures will hit crypto platforms. And prohibit transactions in cryptocurrencies," von der Leyen said. She also mentioned that Europeans would not face shortages despite the ban. "We are prepared for this. We have been saving energy. We have been diversifying supplies. We have been investing in low-carbon sources of energy. Then we have lowered the crude oil price cap to 47.6 dollars." The Commission President added that Russian oil revenues in Europe had already dropped sharply. "We target refineries, oil traders, and petrochemical companies in third countries, including China. In three years, Russia's oil revenues in Europe have gone down by 90%. We are now turning that page for good." Sanctions will also be extended to 118 more vessels from Russia's shadow fleet, bringing the total to 560. These ships, often with opaque ownership, have been used to bypass Western restrictions and sustain Moscow's oil exports. "We are now sanctioning 118 additional vessels from the shadow fleet. More than 560 vessels are now listed under EU sanctions, " she added. The package also includes fresh restrictions on battlefield technologies. "We add new direct export restrictions for items and Technologies used on the battlefield. We alos listed 45 companies in Russia and third countries. These companies have been providing direct and indirect support to the Russian military industrial complex. In a war driven by innovation, cutting off Russia's access to key technologies is crucial," von der Leyen noted, as the EU moved to block exports of drones and sanction more than 45 companies in Russia and abroad accused of supporting the Kremlin's military operations. According to the Commission, the package contains a plan to phase out Russian LNG purchases entirely by the start of 2027. It also aims to put pressure on companies in China and other nations to cease business ties with Moscow. The measures will now go before the leadership of the 27-member bloc for approval, which could come as early as next month. (ANI)
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