EU Intensifies Pressure: New Sanctions Package Targets Russian Energy and Financial Sectors

The European Commission has unveiled its 18th sanctions package targeting Russia, focused on undermining Moscow's energy revenues and financial sector. The proposed measures aim to limit Russia's military capabilities and weaken its economy in response to the ongoing conflict in Ukraine.

Among the significant actions are the banning of transactions with Russia's Nord Stream gas pipelines, inclusion of 22 additional Russian banks on the sanctions list, and a tighter grip on banks from third countries. Furthermore, the proposal seeks to lower the G7-imposed price cap on Russian crude oil to $45 per barrel.

Commission President Ursula von der Leyen emphasized the collective stance of the G7 nations in taking these measures, calling for continued unity. The proposals are set to be discussed by EU countries, reflecting the bloc's ongoing commitment to curtailing Russian aggression and its economic resources.

(With inputs from agencies.)