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EU to Target Nord Stream and Russian Oil Cap in New Sanctions
- On Tuesday, the European Commission unveiled a new set of sanctions targeting Russia’s energy sector, banking institutions, military industry, and operations involving the Nord Stream gas pipelines.
- The sanctions come after Russia's full-scale invasion of Ukraine in 2022, amid stalled peace talks and efforts to pressure Moscow into a 30-day ceasefire.
- The proposed package expands the blacklist of 22 Russian banks, includes 77 vessels in the shadow fleet, and aims to lower the oil price cap from $60 to $45 per barrel.
- The price cap on Russian crude, established by the G7 in December 2022, coincided with an 18% drop in Brent crude prices, a key global oil benchmark.
- The sanctions require approval by all 27 EU member states and suggest intensified pressure on Russia could reduce its revenues and affect its military capabilities.
66 Articles
66 Articles
Diplomacy Watch: Brussels is back — with more Russian sanctions
As the Ukraine war drags on and the U.S. role in negotiations appears increasingly tenuous, the European Union is working to garner support for yet another round of sanctions on Russia.The EU unveiled the new sanctions package — its 18th round — on Tuesday, which includes a ban on transactions with the Russian-owned, non-operational Nord Stream gas pipelines, sanctions on 22 Russian banks, and dropping the oil price cap down from $60 to $45 per …
Strategic Sanctions And Energy Diplomacy: The European Union’s Renewed Measures Against Russia – Analysis
The European Union (EU), in its evolving response to Russia's ongoing aggression against Ukraine, has recently unveiled a new package of sanctions that reflects a broader strategy of economic containment. Central to these measures are proposals to ban all transactions associated with the Nord Stream gas pipelines and to further limit Russia's oil revenue by...
The European Union is preparing to introduce the 18th package of sanctions against Russia. For its effectiveness, restrictions must be applied by all partners.
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