European Union foreign ministers are expected to approve new sanctions against Russia on November 16, targeting oil refining businesses, financial institutions and companies supporting Moscow’s shadow fleet. The measures follow a provisional agreement to sanction 145 individuals and entities, while Brussels prepares a broader 22nd sanctions package.
The European Union is preparing another round of sanctions against Russia, targeting its oil refining sector, shadow fleet infrastructure and financial institutions, as Brussels seeks to further restrict the resources available to Moscow for its war against Ukraine.
European Commissioner for Financial Services Maria Luís Albuquerque announced the planned measures during a speech to the European Parliament on November 12, 2026.
“Next Monday [16 November], EU foreign ministers are poised to adopt further listing measures on oil refineries and the shadow fleet ecosystem,” Albuquerque said, according to the European Parliament’s published audiovisual transcript.
The restrictions are expected to receive final approval at the EU Foreign Affairs Council meeting in Brussels on November 16. As of November 14, they have not yet been formally adopted.
EU ambassadors agree to sanction 145 individuals and entities.
The planned sanctions follow a provisional agreement reached by EU ambassadors on November 11 during a meeting of the Committee of Permanent Representatives (Coreper).
According to reporting by European Pravda, citing an EU diplomat familiar with the discussions, the proposed listings cover 145 individuals and legal entities associated with Russian aggression against Ukraine, hybrid operations and cyberattacks.
The proposed designations are divided among three EU sanctions frameworks.
Under the main sanctions regime concerning Ukraine’s territorial integrity, sovereignty and independence, the EU plans to designate 12 individuals and 101 legal entities, including 50 Russian banks.
A further 30 individuals and one legal entity are expected to face sanctions over activities classified under the EU’s framework for Russian hybrid operations. One additional entity is expected to be designated under the EU’s cyber sanctions regime.
French Minister for European Affairs Benjamin Haddad also confirmed plans to sanction 50 banks operating in Russia. He said France had proposed the inclusion of most of those institutions.
The identities of all the proposed targets have not yet been publicly established in the reporting reviewed for this article.
Russian oil refineries and shadow fleets face additional restrictions.
The new measures are also intended to disrupt Russia’s oil-related revenues and the infrastructure supporting its international petroleum exports.
Russia’s shadow fleet generally refers to vessels operating through opaque ownership, registration and insurance arrangements that can complicate the enforcement of sanctions on Russian oil shipments.
According to Albuquerque, the EU has already sanctioned more than 690 vessels associated with this fleet, restricting their access to European ports and services.
The commissioner also stated that the EU had introduced transaction bans affecting more than 100 Russian banks.
Albuquerque said the bloc’s restrictions were having a substantial economic effect on Russia, estimating that they had cost the country more than €1 trillion in resources that could otherwise have supported its war effort.
That figure represents the Commissioner’s stated assessment. The parliamentary remarks did not provide a detailed methodology establishing how the estimate was calculated.
Brussels prepares the 22nd EU sanctions package.
Alongside the expected November 16 designations, the European Commission and European External Action Service are preparing proposals for a broader 22nd sanctions package.
Albuquerque confirmed that work on the package was being finalised. EU sources expect the proposals to be ready by the end of November.
The distinction is significant: the November 16 measures concern additional targeted designations, while the 22nd package is a separate initiative whose full provisions have not yet been announced.
The commissioner also emphasised the continued coordination with international partners, particularly members of the Group of Seven, to strengthen enforcement and reduce opportunities for sanctions circumvention.
Previous EU sanctions targeted nearly 1,600 Russian individuals and entities.
The latest proposals follow a major expansion of EU sanctions adopted on October 12, 2026.
According to an official Council of the European Union statement, foreign ministers approved restrictive measures against 1,569 individuals and entities connected to Russia’s military-industrial complex.
The designations covered 826 Russian companies and 743 company executives.
More than half targeted participants in the production chain for ballistic missiles, according to EU foreign policy chief Kaja Kallas.
The Council described the decision as its largest single expansion of sanctions listings since 2022. It brought the total number of designations under the framework addressing threats to Ukraine’s territorial integrity to approximately 4,600.
The October measures targeted companies supplying components for advanced weapons systems, including electronics, communications equipment, aviation technologies, ammunition and navigation systems.
EU expands pressure on Russia’s financial and energy networks
The proposed sanctions indicate that the EU is continuing to combine restrictions on Russia’s military-industrial supply chains with measures targeting financial transactions and energy-related businesses.
The inclusion of another 50 Russian banks would extend the bloc’s restrictions on financial institutions. However, the additional effect will depend on which banks are designated, their existing exposure to European financial services and their ability to operate through alternative payment channels.
Sanctions against oil refining businesses and shadow fleet operators address another dimension of Russia’s war economy: the production, transportation and sale of energy resources.
Measures against companies supporting the shadow fleet may also affect intermediaries that enable shipments, although the practical consequences will depend on the precise legal restrictions and their enforcement.
The inclusion of individuals and entities accused of hybrid operations and cyberattacks demonstrates that the latest designations extend beyond Russia’s conventional military and economic activities.
Conclusion
The European Union is preparing to expand its sanctions against Russia on November 16, with proposed designations affecting 145 individuals and entities, including 50 Russian banks and businesses linked to oil refining and the shadow fleet.
The measures follow the EU’s October decision to designate 1,569 individuals and entities connected to Russia’s military-industrial complex.
At the same time, Brussels is preparing a separate 22nd sanctions package, which could be ready by the end of November.
The immediate question is which specific institutions, companies and individuals will appear on the final November 16 lists, and how the EU will enforce the new restrictions against financial and energy networks operating outside its jurisdiction.
