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The European Union's latest sanction package against the Kremlin aims to weaken loopholes in previous regulations. The newest set of sanctions also hopes to discourage increased ties between Russia, North Korea, and China, particularly business interests and military collaborations between the states. Whether these sanctions will be successful in doing so remains unclear, but the measures certainly pack a punch that is likely stirring anxiety in Russia's struggling economy.

Want to find out more about the latest sanctions package? Click through this gallery for more information.

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On December 16, the European Union issued its 15th set of sanctions against Russia, specifically targeting 52 ships that the Kremlin is using to evade Western oil restrictions.

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EU ministers continue to scramble in an attempt to weaken Russia’s war efforts in Ukraine. This time, sanctions are included against two of Russia’s allies: China and North Korea.

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The EU’s newest sanctions target 54 individuals and 30 companies that are aiding the Russian state, in a strategy to discourage collaboration with the Kremlin.

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Two senior North Korean officials (the defense minister and the deputy chief of staff of the Korean People’s Army), among 52 others, will now face a ban on entry to Europe, as well as asset freezes, where relevant.

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The specific targeting of these two officials is due to the increased presence of North Korean troops on Russia’s front lines in their escalating war with Ukraine.

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The measures seek to intimidate some of Russia’s closest allies in supplying military weaponry and equipment to the state, posing defiance to the region’s previous set of sanctions.

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EU foreign ministers claim that the inclusion of foreign entities in Russia’s war efforts is a “dangerous expansion of the conflict.”

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Russia’s so-called ‘ghost ships’ refer to ships that fail to fly with European Union flags, which will not be authorized to dock on European soil.

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EU foreign ministers believe that these ships are being used to engage in “high-risk shipping practices,” mostly of Russian oil, weapons, and grains.

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While the EU claims these measures seek to support Ukraine’s war efforts, they also have a political strategy of weakening the relationships between North Korea, China, and Russia.

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In addition to individuals, the sanctions also target 32 additional companies that are being accused of supporting Russia’s military activities.

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These entities are mostly Russian and Chinese, but also include two Serbian companies, as well as Iranian, Indian, and Emirate entities.

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More severe restrictions will hit these companies’ business activities, particularly regarding “dual-use goods and technology and advanced technology products.”

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In this new set of sanctions, the European Union also names the military unit that executed the attack on a Kyiv children’s hospital in July 2024.

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European Union operators, concerned over how their business interests will be affected by the newest sanction package, are provided an opportunity to divest from Russia to benefit from exemptions.

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The package also includes “loss recovery derogation” and other benefits for European Central Securities Depositories (CSDs), which were the recipients of retaliatory measures by the Kremlin.

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This clause nearly sank the sanction package the week before, and had to be adjusted to pass vetoes from Latvia and Lithuania, accusing the exemptions of providing “too much political cover to stay in Russia.”

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Slovakia, too, sought to extend exemptions to allow for the nation to send refined Russian oil to the Czech Republic. Although the latter stated it seeks to end the agreement, Slovakia stated that its refinery relies on the activity to stay afloat.

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The newest sanction package falls on the heels of a US$13 billion oil deal signed between Russia and India this December.

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The 10-year agreement between the nations secures a supply of 500,000 oil barrels per day, which equates to approximately 0.5% of the total world supply.

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Since 2022, there has been a significant increase of India’s oil imports from Russia. The "reexport" of oil products in the EU has been a successful strategy in evading the European Union’s embargo on Russian oil.

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Consequently, the European Union purchased 20% more oil from Indian refineries that process Russian oil in 2024 than it did in 2023, as purchasing refined products from intermediaries are not technically against the previous rules.

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Similarly, Russia has used third-party countries to circumvent European bans. For example, British-made vehicles have made their way to Russia through Azerbaijan. American computer chips have also been purchased via China, despite being another product that has been the target of Western sanctions.

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The newest sanction package, also conducted in collaboration with the United States and other non-EU members, is a response to the loopholes in previous sanction packages.

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The European Union and its allies hope that Russia’s economy will continue to suffer thanks to the new regulations. Inflation in the country is high (nearly 9%), and borrowing costs have peaked.

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Ukraine is also calling for additional sanctions to be placed on Russia, particularly pertaining to an environmental disaster caused by an aging tanker that sank in the Black Sea.

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During a serious storm just outside Crimea, the tanker snapped in half. Another tanker also struggled during the storm. Combined, the ships were carrying 9,000 tonnes of oil. Due to the storm conditions, 3,000 tonnes leaked, leading to a massive spill.

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Ukraine suggests that Russia behaved recklessly and violated operating regulations, provoking one of the worst environmental disasters the Black Sea has ever experienced.

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Whether the latest set of sanctions will hit Russia and its allies where it hurts is yet to be seen. The European Union remains steadfast in its position to continuously expand measures to weaken the Kremlin’s war efforts in Ukraine.

Sources: (Eunews) (The Independent) (Sky News) (The Guardian) (Politico)