EC PROPOSES NEW SANCTIONS PACKAGE AGAINST RUSSIA
The European Commission adopted this week a new package of sanction targeting Russia, marking the 18th set of measures since the war of aggression in Ukraine began in February 2022. This latest package includes sanctions targeting Russia's oil sector, financial institutions, and the Nord Stream pipeline.
The package also proposes to enlarge the list of sanctioned vessels considered as part of the shadow fleet used to bypass restrictions on Russian oil exports. 77 new vessels would be sanctioned, which would bring the total to over 400. In addition, the Commission has also proposed lowering the G7 price cap on Russian crude oil to $45 a barrel, from $60 a barrel, in a bid to cut Russia's energy revenues. Finally, the Commission aims to introduce a ban on the import of refined products based on Russian crude oil.
The package of sanctions will be discussed and negotiated among Member States, with a formal approval by the Council expected in the coming weeks.
Source: European Commission, EEAS