It's full-scale invasion. Russia has clearly failed to subjugate Ukraine. The price Russia pays is heavier by the day. And it is paid primarily by the people of Russia. They are mourning sons, brothers, husbands, and at the same time they face declining living standards at home. Inflation is close to 6%. Interest rates stand at 14.5%. Taxes are rising. This is the real cost of Putin's war for Russian citizens. And on top of this, our sanctions keep biting hard and cutting deep. They are weakening the economic foundations of Russia's war effort. Sanctions have effectively cut off Russia from global capital markets. Russia's economy is slowing sharply. Growth is sluggish at best. The budget is under growing pressure. More than 2/3 of the liquid assets of its sovereign wealth fund are gone. Energy revenues fell by around 40% in early 2026. Hundreds of vessels from Russia's shadow fleet have been targeted by our sanctions. Export controls are depriving Russia's defense industry of critical technologies and components. So, our consistency with the sanction packages is paying off.
Today, we are putting forward the 21st sanctions package. We focus on the sectors with the highest impact, that is energy. It is financial services and crypto. Trade, and this time it includes for the very first time fisheries. And we are banning the entry of former Russian combatants into the European Union. Let me start with energy. The conflict in the Middle East and disruptions to global energy supply chains have eased some pressure on Russia. So, the objective of our package couldn't be clearer. We want to maintain the full intensity of our sanctions. And the way to do this is to ensure that Russia's profits from oil sales remain contained. Our oil price cap has a built-in adjustment mechanism to follow the market. It was not made for market shocks like the one caused by the closure of the Strait of Hormuz. So, we propose to simply pause the adjustment until January next year. This will give oil markets time to stabilize while preserving pressure on Russia's revenues. At the same time, we will continue targeting the shadow fleet. Today, we propose listing 30 more vessels on top of the 632 already sanctioned. For the first time, we are also targeting vessels that assist the shadow fleet. For example, providing bunkering and other services. And we propose targeting critical infrastructure such as ports or airports or refineries trading or processing Russian oil. Finally, we propose restricting the sale of LNG tankers to Russia just as we already did for oil tankers.
My second point is on financial and crypto restrictions. We are expanding our transaction bans to 31 more Russian banks and to 20 banks, crypto firms, or platforms, and oil traders in third countries that have been servicing sanctioned Russian entities and individuals or circumventing our measures. For the first time, we will introduce the possibility of a full third-country ban for crypto asset services. It will act as a strong deterrent for the countries hosting platforms that help Russia evade our sanctions.
My third point is on trade. We're putting forward new export restrictions on items and technologies used by Russia's military industry. For example, we're targeting more metals and alloys used in the aerospace and defense sectors. For drones, we propose new export bans on ground support equipment and jamming and launch systems among other items. We also propose new import bans on a number of goods worth 60 million euros. For example, it covers certain metals, metal ores, or car parts because we want to lock in Europe's diversification away from Russian imports. And finally, we are addressing one of the last major unsanctioned sectors, and that is fisheries. We propose substantial restrictions on imports on some fish products, and a complete ban on others including cod. And we'll be aligning trade restrictions for Belarus so it cannot serve as a backdoor for Russian trade.
I also want to mention one key point of this new aspect. We propose for the first time to ban from entry into the European Union anyone who has served in the Russian Armed Forces since the beginning of the war. So, Europe stays off-limit for anyone who has participated in the invasion of Ukraine, as simple as that.
And finally, at the same time, we provide relentless support to our brave neighbor, partner, and future member of the European Union, Ukraine. Yesterday, we delivered almost 3 billion euros from the Ukraine facility. And still this month, we will issue the first disbursement under our 90 billion loan to Ukraine. So, by the end of the month, we will provide Ukraine with 6 billion euros for drones and more than 3 billion euros worth of microfinancial assistance. And of course, more disbursement will follow soon. And to conclude, one thing I admire the most about our Ukrainian friends is their unbreakable determination to belong to our European Union. That's impressive. They are delivering reform after reform while their city is under attack, while the sky above them is filled with smoke, while air raid sirens across the country, despite all this, they are making extraordinary progress on their reforms. And clearly Ukraine has delivered. So it's high time for us also now to deliver. And we now have the historic opportunity to do so. In the next days, we will open the first cluster with Ukraine and Moldova. And this basically opens the door to the next phase of the accession process. The formal start of negotiations. And I do not need to tell you that the commission stands fully ready to support Ukraine on its path to our European Union where they belong. Thank you very much for your attention.
