EU's 18th Sanctions Package Targets Russia's Energy Revenues
The European Commission has proposed an 18th round of sanctions against Russia, targeting its energy revenues, banks, and military industry. These measures include banning transactions with Nord Stream gas pipelines and lowering the G7 price cap on Russian crude oil. EU countries to debate the proposal soon.
The European Commission has introduced its 18th package of sanctions aimed squarely at Russia, focusing on crippling Moscow's energy revenues alongside hitting banks and the military industry, announced European Commission President Ursula von der Leyen on Tuesday.
A significant part of the new package is a proposal to ban transactions involving Russia's Nord Stream gas pipelines and target banks involved in circumventing previous sanctions. 'Russia's aim is not peace, but the dominance of power... strength is the only discourse Russia acknowledges,' von der Leyen emphasized during a news briefing.
The Commission has outlined a lowered price cap on Russian crude oil by the Group of Seven countries from $60 to $45 a barrel, aiming to further reduce Russia's income from energy exports. Discussions on this oil price cap are scheduled for a G7 meeting this week, marking further steps in the ongoing international economic strategy against Russia.
(With inputs from agencies.)
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