The United States will unveil a fresh wave of sanctions targeting Russia within the next 24 hours, Treasury Secretary Scott Bessent said on Wednesday (Otober 22), signaling a “substantial pickup” in measures aimed at increasing economic pressure on Moscow.
Speaking to reporters at the White House, Bessent said the announcement could come “after the close this afternoon or first thing tomorrow morning.”
“We are going to either announce after the close this afternoon or first thing tomorrow morning a substantial pickup in Russia sanctions,” Bessent said.
The upcoming sanctions are expected to target sectors linked to Russia’s defense, finance, and energy industries. The move underscores Washington’s continued effort to constrain the Kremlin’s ability to sustain its military operations in Ukraine.
The Biden administration — and now the Trump administration since January — has maintained and expanded multiple rounds of sanctions since Russia’s invasion of Ukraine in February 2022, focusing on trade restrictions, asset freezes, and technology export bans.
Bessent did not specify the scope or targets of the new measures. It is expected this round to build on existing financial restrictions and further isolate Russian entities from global markets.
EU approves 19th sanctions package on Russia
European Union member states have approved a 19th package of sanctions against Russia over its war in Ukraine, including a phased ban on imports of Russian liquefied natural gas (LNG), the Danish rotating presidency of the EU announced on Wednesday (October 22).
“We are very pleased to announce that we have just been notified by the remaining member state that it’s now able to lift its reservation on the 19th sanctions package,” the Danish presidency said in a statement.
Slovakia lifts holdout after securing assurances
Slovakia was the final holdout after EU countries agreed on the final text last week. Prime Minister Robert Fico had sought assurances from the European Commission regarding high energy prices and flexibility in aligning the EU’s climate targets with the needs of carmakers and heavy industry.
Following Slovakia’s approval, the presidency confirmed that “a written procedure for Council approval has been launched. If no objections are received, the package will be adopted tomorrow by 8 a.m.”
LNG import ban to roll out in two phases
The sanctions package introduces a ban on Russian LNG imports in two stages. Short-term contracts will end within six months, while long-term contracts will be terminated starting January 1, 2027. The timeline accelerates the European Commission’s roadmap by a year, moving the EU closer to ending its dependence on Russian fossil fuels.
Additional measures on 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 evade oil sanctions. An additional 117 vessels have been 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 back for updates
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