'Powerful and substantial'. European Union agrees on 14th sanctions package

The European Union on Thursday agreed to introduce a new package of sanctions against Russia, announced the Belgian Presidency of the Council of the EU.

"The EU Ambassadors have just agreed on a powerful and substantial 14th package of sanctions in reaction to the Russian aggression against Ukraine," the message reads.

The package includes new targeted measures and maximizes the impact of existing sanctions by closing loopholes.

Officials from 27 EU countries have been discussing a new package of sanctions for more than a month. The restrictions include a ban on the transshipment of Russian LNG and a plan to hold EU operators accountable for sanctions violations by subsidiaries and partners from third countries.

Earlier today, Reuters reported that European Union countries were unable to agree on the 14th package of sanctions against Russia, as Germany blocked its adoption.

According to the agency, the bloc previously excluded one of the items from the new package because Germany considered it problematic. It extended the effect of the so-called Russian embargo clause to subsidiaries in third countries.

The new package of sanctions against Russia for the first time targets supplies of liquefied natural gas (LNG), which several member states continue to buy even as the war in Ukraine is now in its third year.

On May 24, the Financial Times reported that the European Union plans to expand sanctions against the Belarusian Lukashenko regime, as Russia uses Belarus to circumvent sanctions.

On June 1, Bloomberg wrote that the G7 countries and the EU are discussing the introduction of sanctions against third-country banks that help the Russian financial system circumvent sanctions.

France and Germany reportedly oppose EU efforts to close a loophole that allows high-end goods, including luxury cars, to enter Russia through Belarus.