EU's New Sanctions Proposal: Targeting Russian Oil and Revenue Streams
The European Union aims to lower the cap on Russian oil prices to $45, depriving Moscow of war funding against Ukraine. Existing sanctions are to be expanded, affecting the Nord Stream pipelines, Russian banks, and foreign companies assisting Russia’s military efforts. The EU seeks to pressure Russia into genuine peace talks.
- Country:
- Belgium
The European Union is set to tighten restrictions on Russian oil as part of its strategy to financially pressure the Kremlin to end its war in Ukraine.
According to EU foreign policy chief Kaja Kallas, the bloc is determined to decrease the oil price cap to $45, lower than the current market rate. Kallas asserts that the move will significantly hit Russia's revenue.
The sanctions package includes targeting the Nord Stream pipelines and more than 20 Russian banks, aiming to cut off key financial support for Russia's war ambitions and drive Moscow to sincere peace negotiations.
(With inputs from agencies.)
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