EU activates Russian energy sanctions following $163B state-asset transfer

The European Union rolled out its toughest blow yet against Russia, after lawmakers and member states signed off on a full ban covering Russian gas, LNG, oil, and petroleum products. The decision came as Brussels also pushed ahead with plans to channel $163 billion in frozen Russian state assets toward Ukraine, tying energy pressure and financial leverage together in one move. Officials said the new rules shut the loopholes that let fuel slip into the bloc through indirect routes and ensure the flow of Russian money into Europe’s energy system ends for good. The agreement also lands at a moment when the European Commission works on a plan to turn those frozen state assets into a “reparation loan” for Kyiv. The plan covers Ukraine’s financial needs for the next two years and only requires repayment if Russia pays formal damages for the war. The Commission said its structure stays legal...

https://www.cryptopolitan.com/eu-sanctions-on-russian-energy-go-live/