EU Strikes Hard with New Sanctions on Russia

The European Union has reached a consensus on implementing its 18th sanctions package against Russia, taking a firm stance over the ongoing conflict in Ukraine. The comprehensive sanctions package seeks to inflict further damage on Russia's oil and energy industries.

Part of the new measures includes reducing the G7's price cap for Russian crude oil to $47.6 per barrel, as reported by diplomats to Reuters. This development marks one of the EU's most stringent sanctions initiatives targeting Russia thus far, reinforcing the bloc's commitment to penalizing Moscow.

EU foreign policy chief Kaja Kallas emphasized the resolve to escalate the financial burden on Russia to force a cessation of its aggressive actions. Kallas remarked that the continual escalation of costs aims to make diplomacy the only viable option for the Kremlin.

(With inputs from agencies.)