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EU seeks to lower a price cap on Russian oil and discourage Nord Stream pipeline investors
- The European Commission is preparing to introduce its 18th sanctions package, which includes plans to reduce the ceiling on Russian oil prices to $45 per barrel and prohibit the use of the Nord Stream pipelines.
- This move follows G7 discussions and aims to tighten pressure on Russia by cutting a key source of government revenue amid ongoing war in Ukraine.
- The sanctions package will also target more vessels in Russia's oil-carrying 'shadow fleet' and restrict trade benefits, while Belarus faces arms import bans for its Kremlin support.
- Von der Leyen emphasized that oil sales account for about one-third of Russia's state income, and highlighted the necessity of reducing this revenue stream to increase pressure until peace is achieved.
- The proposed sanctions could deepen EU energy independence efforts but face challenges from Hungary and Slovakia, who worry about security and price volatility concerns.
92 Articles
92 Articles
The Hungarian Government will use all possible means to counter the energy plan von der Leyen - Zelenski, which would "damage" the economies of Central Europe and bring an overall impact on the European economy, said Foreign Minister Peter Szijjarto to the MTI on Sunday.
By 2027, imports of energy from Russia will end. The EU Council is now discussing this matter. That would affect Russia's economy.
Hungarian Foreign Minister Peter Szijjarto said Sunday that the government of Budapest will use all possible means to counter "Von der Leyen – Zelenski" in the field of energy, which the official...
Therefore, Hungary will act together with Slovakia against the ban on Russian energy purchases at Monday's meeting of the EU Energy Council.
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