The European Union has finalized an 18th sanctions package targeting Russia over its ongoing conflict in Ukraine, implementing measures designed to further weaken Russia’s oil and energy sectors.
One key aspect of the new sanctions is the reduction of the G7’s oil price cap to $47.6 per barrel, according to Reuters sources.
EU’s foreign policy chief Kaja Kallas described the package as one of the strongest sanctions against Russia so far, emphasizing that the EU intends to escalate costs to pressure Moscow into stopping its aggression.
She stated, “We will keep raising the costs, so stopping the aggression becomes the only path forward for Moscow.”
The new measures also prohibit transactions related to Russia’s Nord Stream gas pipelines and target the country’s financial sector.
European Commission President Ursula von der Leyen expressed her support for the agreement, stating that the sanctions strike at the core of Russia’s military-industrial, banking, and energy sectors, highlighting the implementation of a new, dynamic oil price cap.