The European Union has agreed on its 18th sanctions package against Russia in response to its ongoing war in Ukraine, introducing some of the toughest measures yet, particularly targeting Russia’s oil, energy, and financial industries.
As part of the new sanctions, the EU will lower the G7’s price cap on Russian crude oil to $47.6 per barrel, diplomats told Reuters.
“The EU just approved one of its strongest sanctions packages against Russia to date,” announced EU foreign policy chief Kaja Kallas on X. “We will keep raising the costs, so stopping the aggression becomes the only path forward for Moscow.”
European Commission President Ursula von der Leyen echoed the sentiment, writing on X: “We are striking at the heart of Russia’s war machine. Targeting its banking, energy, and military-industrial sectors and including a new dynamic oil price cap.”
Key elements of the package include:
- A ban on transactions related to the Nord Stream 1 and 2 gas pipelines, effectively blocking any attempt to restore the now-defunct projects.
- Blacklisting of over 100 vessels from Russia’s so-called “shadow fleet” used to circumvent oil export restrictions.
- Sanctions on a Russian-owned oil refinery in India and two Chinese banks, part of broader efforts to disrupt Moscow’s international partnerships.
- An expanded ban on transactions involving Russian financial institutions.
- Tighter restrictions on exports of dual-use goods that could be repurposed for military use in Ukraine.
The EU is expected to formally adopt the sanctions later on Friday, further isolating Russia economically and diplomatically as the war continues.
