The EU has intensified its focus on sanctions circumvention and the supply of Russian oil in a clear signal that the energy crisis caused by the closure of the Strait of Hormuz will not weaken its efforts to sever Russian cashflows. The package was drawn up before the conflict in Iran, but was delayed by negotiations over a damaged pipeline to Hungary.
The 20th package of sanctions on Russia, which was adopted by EU states on April 23, includes important new measures over maritime trade and cryptocurrency. The EU’s decision to push ahead with the package despite the U.S. temporarily lifting some sanctions during the oil crisis highlights its determination not to reduce pressure on Russia.
