EU Unveils 18th Sanctions Package Targeting Russia's Energy and Military Sectors

The European Commission has rolled out its 18th package of sanctions against Russia, President Ursula von der Leyen announced on Tuesday. These measures, targeting Moscow's energy revenues and military sector, propose a ban on transactions with Nord Stream gas pipelines and penalize banks circumventing existing sanctions.

Additionally, the package suggests reducing the Group of Seven nations (G7) price cap on Russian crude oil from $60 a barrel to $45, reflecting an intensified stance against Russia's economic activities amidst the ongoing conflict with Ukraine.

Included is a list of additional vessels constituting Russia's shadow fleet and oil trading companies. EU member states are set to begin discussions on the proposal later this week, marking a critical step in the bloc's response to the geopolitical tensions.

(With inputs from agencies.)