EU Proposes New Sanctions on Russia Targeting Energy and Banks
The European Commission, led by Ursula von der Leyen, has unveiled a proposed 18th package of sanctions against Russia in response to its ongoing invasion of Ukraine. These new measures are designed to target key sectors of the Russian economy, including its energy revenues, financial institutions, and military industry. A primary focus is on disrupting Russia's ability to fund its war efforts.
Key Sanction Measures
Central to the proposed sanctions is a ban on transactions related to Russia's Nord Stream gas pipelines, further restricting its energy exports. Additionally, the package aims to crack down on banks involved in sanctions circumvention, tightening the financial noose around Moscow.
Statements from EU Leaders
Ursula von der Leyen emphasized that strength is the only language Russia understands. She also highlighted the need to lower the G7 price cap on Russian crude oil from $60 to $45 per barrel. This adjustment is intended to further diminish Russia's energy income.
EU chief diplomat Kaja Kallas added that the sanctions will target Russia's energy revenues, including its shadow fleet of tankers, its military industry, and its banking sector. EU countries are scheduled to begin discussions on the proposed sanctions package this week, paving the way for potential implementation.