The European Union has approved the 18th sanctions package against the Russian Federation in response to the ongoing aggression against Ukraine. The new package of restrictions encompasses a wide range of measures aimed at weakening the economy and military potential of the Kremlin.
This is reported by Finway
Key Restrictions: Oil, Finance, and Defense Industry
Among the main innovations is the reduction of the price cap on Russian oil from $60 to $47.6 per barrel. Additionally, another 105 vessels from the so-called “shadow fleet” that were used to circumvent restrictions on transporting Russian oil have been sanctioned. The operation of the “Nord Stream” pipelines has been prohibited, and restrictions have been imposed on the largest oil refinery of “Rosneft” in India.
“With this package, the EU further restricts the Kremlin’s military budget: another 105 vessels from the ‘shadow fleet’ have been sanctioned,” stated EU foreign policy chief Josep Borrell.
The new sanctions target 22 Russian and two Chinese banks, four companies linked to the Russian Direct Investment Fund, 26 new entities cooperating with the Russian military-industrial complex, and eight Belarusian defense sector enterprises. Overall, the EU sanctions list now includes over 2,500 individuals and entities.
International Support and Synchronization with Ukraine
Immediately after the EU, the United Kingdom also decided to take additional measures – it has also lowered the price cap on Russian oil. From now on, its price will be determined by the formula: world price minus 15%.
Ukrainian President Volodymyr Zelensky has instructed the Ministry of Foreign Affairs to promptly synchronize national sanctions with the new European restrictions against the Russian Federation. This is intended to increase pressure on the aggressor country and limit its ability to finance the war.