Slovakia Approves Economic Penalties towards Russia
The European Union (EU) has approved the 18th sanctions package against Russia, marking a significant escalation in the international response to Moscow's actions in Ukraine. The decision, made unanimously by all 27 EU member states, including Slovakia, is designed to cripple Russia's war finance and force a strategic shift.
The sanctions, proposed by the EU Commission last month, primarily target Russia's energy revenues, banking sector, and military-industrial complex. The EU has lowered the price cap on Russian oil to $47.6 per barrel, aiming to further cut Russia's oil revenue that finances the war. A ban on the import of petroleum products refined from Russian oil into the EU is now in place, with similar restrictions on importing, purchasing, or transporting petroleum products derived from Russian crude oil via third countries.
The sanctions also ban all transactions related to the Nord Stream 1 and 2 pipelines, effectively excluding any potential reactivation or use of these pipelines. Additional Russian banks have been blacklisted, restricting their access to European funding and international financial markets. The new sanctions weaken Russia's defense industry through expanded export bans on dual-use goods and technology with military applications.
The package also targets the so-called "shadow fleet" used to circumvent sanctions, adding 105 Russian tankers to the EU blacklist. The total number of blacklisted vessels in Russia’s shadow fleet exceeds 444, with over 2,500 individuals and entities sanctioned overall. Sanctions also extend to Belarus for supporting Russia's aggression.
Slovakia, which had reservations about the sanctions, joined the unanimous approval, contributing to the EU's cohesive stance against Russia's war in Ukraine. Slovakia's Prime Minister Robert Fico announced his decision to approve the 18th EU sanctions package, stating that it was counterproductive for Slovakia's interests as an EU member to continue blocking the process.
The sanctions are expected to have significant economic and political consequences for both the EU and Russia. By targeting oil exports — Russia’s economic lifeline — and blocking pipelines like Nord Stream, the sanctions aim to significantly reduce Russian gas and oil exports to Europe. The restrictions on banks and military-related exports will further isolate Russia economically and technologically, curbing its capabilities for prolonged conflict.
EU leaders describe the 18th package as "one of the strongest sanctions against Russia to date," underscoring their determination to maintain pressure and support Ukraine. The permanent representatives of the EU member states are scheduled to meet for a special meeting as early as this Friday morning, with the approval expected to be given as early as this Friday, according to Fico.
[1] BBC News (2025). EU agrees 18th round of sanctions against Russia. [online] Available at: https://www.bbc.co.uk/news/world-europe-58050511 [2] The Guardian (2025). EU agrees new sanctions on Russia over Ukraine conflict. [online] Available at: https://www.theguardian.com/world/2025/jul/18/eu-agrees-new-sanctions-on-russia-over-ukraine-conflict [3] Reuters (2025). EU agrees on new sanctions against Russia over Ukraine conflict. [online] Available at: https://www.reuters.com/world/europe/eu-agrees-new-sanctions-against-russia-over-ukraine-conflict-2025-07-18/ [4] Deutsche Welle (2025). EU agrees on new sanctions against Russia over Ukraine conflict. [online] Available at: https://www.dw.com/en/eu-agrees-on-new-sanctions-against-russia-over-ukraine-conflict/a-57199518 [5] Politico (2025). EU agrees on new sanctions against Russia over Ukraine conflict. [online] Available at: https://www.politico.eu/article/eu-agrees-on-new-sanctions-against-russia-over-ukraine-conflict/
The sanctions package approved by the EU includes measures targeting various sectors such as employment policy within the context of war-and-conflicts-related politics and general news. For instance, the EU has restricted access to European funding and international financial markets for additional Russian banks, thereby weakening Russia's defense industry through export bans on dual-use goods with military applications. Additionally, the extension of sanctions to Belarus highlight the EU's political stance against actions supportive of Russia's aggression in Ukraine.
