EU Imposes Sanctions on 40 Companies Across China, India, UAE, Turkey, Azerbaijan

The European Union has enacted its 18th and most aggressive sanctions package targeting Russia, which significantly expands its reach beyond Moscow to include 18 companies across Azerbaijan, India, China, the UAE, Singapore, Mauritius, and Turkey. These sanctions focus on various sectors such as energy, shipping, technology, and finance, aiming to disrupt Russia’s war capabilities by lowering the oil price cap and banning transactions with dozens of Russian banks. Notably, the EU blacklisted Chinese regional lenders near the Russia border, prompting strong diplomatic protests from China and warnings of retaliation. The move has sparked criticism for its extraterritorial effects, as many sanctioned firms have no direct involvement in military activities, raising concerns about the EU’s use of sanctions as a geopolitical tool to pressure and control Global South countries. The package also includes restrictions on the Nord Stream pipelines and a dynamic oil price cap mechanism, with EU leaders emphasizing their resolve to strike at the core of Russia’s war machinery. Slovakia’s withdrawal of its veto was crucial in passing the package, reflecting shifting dynamics within the EU regarding the sanctions strategy.