The European Commission presented on Friday the 20th package of sanctions against Russia, in the context of its aggression in Ukraine. After adoption, the European executive estimates that the new measures will further reduce Moscow’s oil export revenues and will limit the evasion of sanctions through the use of cryptocurrencies and the so-called “shadow fleet”, reports IPN.

The new package of measures targets, among other things, the banking sector, by sanctioning 20 Russian banks, as well as restricting the use of cryptocurrencies, platforms, and companies involved in the trading of virtual currencies. At the same time, the sanctions will be extended to banks from third countries that facilitate trade with previously sanctioned goods.

At the same time, the list of sanctions targeting Moscow’s so-called “shadow fleet”, used for oil trade in order to circumvent previously imposed restrictive measures, will be expanded. According to the European Commission, another 43 ships have been added to the list, bringing the total number of sanctioned ships to 640.

At the same time, a total ban on maritime services for the transport of Russian oil is proposed in the energy sector. The measure is expected to reduce Russia’s revenues from this sector and make it harder to identify new buyers. The implementation of the ban is anticipated to be carried out by the European Union together with its partners, following a corresponding decision by the G7.

Separately, a total ban is introduced on the maintenance and provision of other services for liquefied natural gas vessels and icebreakers, a measure that is expected to affect Russian gas exports and strengthen the already existing restrictions on LNG imports.

The proposed measures are to be discussed and adopted by the Council of the European Union. After adoption, they will be translated into all 24 official languages of the community block and published in the Official Journal of the EU, from which point they will come into effect.