The United States will unveil a new wave of sanctions targeting Russia in the next 24 hours, Treasury Secretary Scott Bessent said on Wednesday (October 22nd), signaling a “substantial acceleration” of measures aimed at increasing economic pressure on Moscow.
Speaking to reporters at the White House, Bessent said an announcement could come “after the close this afternoon or first thing tomorrow morning.”
“Either after the close this afternoon or early tomorrow morning, we will announce a substantial increase in Russian sanctions,” Bessent said.
The upcoming sanctions are expected to target sectors linked to Russia’s defense, financial and energy industries. The move underscores Washington’s continued efforts to limit the Kremlin’s ability to maintain its military operations in Ukraine.
The Biden administration — and now, since January, the Trump administration — has maintained and expanded several rounds of sanctions since Russia’s February 2022 invasion of Ukraine, focusing on trade restrictions, asset freezes and technology export bans.
Bessent did not specify the scope or objectives of the new measures. This round is expected to build on existing financial restrictions and further isolate Russian entities from global markets.
The EU approved the 19th package of sanctions against Russia
European Union member states have approved a 19th package of sanctions against Russia over its war in Ukraine, including a gradual ban on Russian liquefied natural gas (LNG) imports, Denmark’s rotating EU presidency announced on Wednesday (October 22nd).
“We are very pleased to announce that the remaining member state has just informed us that it is now able to lift its reservation on the 19th sanctions package,” the Danish presidency said in a statement.
Slovakia retreats after securing assurances
Slovakia was the latest move after EU countries agreed on the final text last week. Prime Minister Robert Fico asked the European Commission for assurances about high energy prices and flexibility in aligning the EU’s climate goals with the needs of car manufacturers and heavy industry.
Following Slovakia’s agreement, the Presidency confirmed that “the written procedure for approval by the Council has been initiated. If no objections are received, the package will be accepted by 8:00 a.m. tomorrow”.
The LNG import ban will be implemented in two phases
The sanctions package imposes a ban on Russian LNG imports in two phases. Short-term contracts will expire within six months, while long-term contracts will end starting on January 1, 2027. The timeline pushes the European Commission’s plan forward by a year, bringing the EU closer to ending its dependence on Russian fossil fuels.
Additional measures regarding diplomats and shadow fleet
The new package also includes travel restrictions on Russian diplomats and expands the blacklist of Moscow’s so-called shadow fleet — tankers used to circumvent oil sanctions. A further 117 vessels were added, bringing the total to 558.
The latest measures highlight the EU’s ongoing efforts to tighten economic pressure on Moscow as the war in Ukraine enters its third year.
This is a developing story. Please check for updates
