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On 23 October, the European Union adopted the 19th sanctions package against Russia. Its main components are:

• a ban on imports of Russian liquefied natural gas (LNG) starting 25 April 2026 for short-term contracts (lasting less than one year) and starting 1 January 2027 for long-term contracts concluded before 17 June 2025; 
• additional restrictions on exports to Russia of dual-use goods (metals used in armaments production, chemicals for rocket fuel production, rangefinders, and electronic components) and a broadening of export bans (to include salt and ores, construction materials, and rubber products – a total of €155 million at 2024 prices); 
• a ban on imports of acyclic hydrocarbons from Russia; 
• European operators are prohibited from providing services directly related to tourism in Russia; 
• a prohibition on maintaining economic relations with companies resident in Russia's special economic zones, the Skolkovo Innovation Centre and the Free Port of Vladivostok.

In addition, the EU has added the following companies to the sanctions list, meaning the freezing of their assets in Europe and a ban on European entities from providing economic resources to them:

• Polyus (gold mining);
• AvtoVAZ;
• Maxima Legal (a law firm engaged in unblocking Russian clients' funds frozen in Euroclear); 
• Far Eastern Shipping Company (parent company of the FESCO Group);
• Zvezda Shipyard;
• Litasco (LUKOIL's Dubai trading division);
• Evraz PLC.

Also added to other sanctions lists (without blocking their assets) are 117 vessels of the "shadow fleet" (banned from accessing EU ports), eight banks, and oil traders from Tajikistan, Kyrgyzstan, UAE and Hong Kong (with which European operators are banned from conducting transactions). Five Russian banks – NCO Istina, Zemsky Bank, Absolut Bank, MTS Bank, and Alfa Bank – have also been brought under the same transaction ban.

Russia's sovereign assets

While the EU summit on 23 October was unable to reach a decision on using the frozen Russian reserves, the discussion will continue in December. According to Politico's sources, Belgian Prime Minister Bart de Wever took an uncompromising position on the use of frozen Russian assets at a closed-door meeting, and the talks "reached an impasse".

EU leaders pledged to continue providing Ukraine with "regular and predictable financial support" and asked the European Commission to present options for such support in 2026-2027. "According to EU law, Russia's assets should remain immobilised until Russia stops its military action and reimburses Ukraine. The European Council will return to this issue at its next meeting," the EU Council said.

Earlier, the European Commission proposed a plan to use Russia's €140bn sovereign assets blocked in the Belgian depository Euroclear to provide Ukraine with a "reparations" loan, as Brussels put it. However, the details of a plan that would suit all the EU countries have not been worked out. Belgium has put forward demands that would guarantee the risk is fairly shared. "The risk must be shared in a transparent way. There must also be transparency about the legal basis for such a decision," the Belgian prime minister said on 23 October.