The European Commission has rolled out its 18th sanctions package against Russia, as announced during a press conference on Tuesday. This package, aimed at intensifying pressure on Russia due to its ongoing conflict with Ukraine, introduces several robust measures targeting Russian exports and revenue streams, alongside a proposal to lower the existing price cap on Russian oil.
EU Foreign Policy Chief Kaja Kallas pointed out that the existing sanctions have significantly impacted the Russian economy, noting a substantial drop in oil revenues and a decline in GDP. In collaboration with the United States and the G7, the EU aims to reduce the Russian oil price cap from $60 to $45 per barrel, a move anticipated to further strain Russia’s economic resources. Kallas highlighted the effectiveness of the previous sanctions package, which targeted Russia’s shadow fleet, leading to a reported 30% slump in oil export revenues.
Furthering the EU’s objective to diminish Russia’s funding capabilities for its invasion, the package includes a proposal to reinforce a transaction ban on Russian infrastructure, specifically targeting two Nord Stream pipelines. This measure is in line with the EU’s plan to eradicate dependency on Russian energy.
Moreover, Ukraine’s head of the presidential office, Andriy Yermak, underlined the importance of including restrictions on banking and energy sectors in this package to augment pressure on Russia’s shadow fleet. He conveyed these views through a discussion with EU leaders’ advisors.
EU Commission President Ursula von der Leyen reiterated, “This war must end. We need a ceasefire, and Russia must come to the negotiating table with a serious proposal,” expressing the EU’s ongoing commitment to seeking a peaceful resolution to the conflict. To read the full report, visit JURIST.