EU Unveils New Sanctions Package Targeting Russia's Energy and Financial Sectors
The European Commission has introduced its 18th sanctions package against Russia, aimed at crippling Moscow's energy revenues and financial sector. The proposal includes banning transactions with Nord Stream pipelines, adding more banks to the sanctions list, and reducing the oil price cap, a move supported by Ukraine.
The European Commission has launched an 18th sanctions package against Russia, chiefly targeting its energy revenues, banks, and military industry in response to its invasion of Ukraine. The package proposes a ban on transactions involving Russia's Nord Stream gas pipelines and banks circumventing previous sanctions.
Commission President Ursula von der Leyen emphasized that Russia's goal is not peace, advocating the use of strength in dealing with Moscow. The proposal seeks to add 22 Russian banks to the existing list and broaden restrictions, extending them beyond mere removal from the SWIFT system to a comprehensive transaction ban.
The elevated measures also touch on the Russian Direct Investment Fund and its affiliates. Concurrently, there is a bid to lower the G7 cap on Russian crude oil to $45 a barrel. These initiatives are set to be discussed at an upcoming G7 meet in Canada, aiming for a collaborative international approach.
(With inputs from agencies.)
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