EU Imposes New Sanctions on Russia on February 24, 2024, Targeting Individuals and Entities

On February 24, 2024, the European Union implemented a fresh set of sanctions against Russia, marking a significant escalation in response to actions undermining Ukraine's territorial integrity, sovereignty, and independence. The measures target 48 individuals and 35 entities deemed responsible by the EU. Key elements of the package include sanctions on 74 vessels, bringing the total sanctioned fleet to 153. For the first time, the EU prohibited financial entities outside Russia from using the Financial Message Transmission System of the Central Bank of Russia. Access to the SWIFT banking system was also blocked for an additional 13 Russian banks. The EU has also banned the storage of Russian oil and petroleum products within its territory, regardless of their final destination. Since the start of the military operation in Ukraine on February 24, 2024, the EU has approved numerous restrictive measures against Russia. According to Castellum.AI, approximately 21,700 individual and sectoral sanctions have been activated against Russia since the start of the military operation. These sanctions are expected to further isolate Russia financially and economically, impacting its ability to conduct operations abroad and potentially affecting global markets. Watch for Russia's response and potential countermeasures, as well as the impact on energy supplies and prices in Europe.