The United Kingdom, along with its G7 allies, is preparing to announce a new package of sanctions aimed at limiting the Kremlin’s energy revenues and increasing pressure on Russia’s military-industrial complex. The measures will also target the banking sector and key areas of the Russian economy to reduce the resources that Russia can allocate to continue its war against Ukraine.
This is reported by Finway
Main Highlights of the New Sanctions Package
The new restrictions are set to further decrease Russia’s revenues from energy exports. One key issue is the potential reduction of the price cap on Russian oil, which was set at $60 per barrel by G7 countries in 2022. The European Commission is now proposing to lower this cap to $45, while Ukraine insists on even stricter conditions—down to $30 per barrel. Additionally, the sanctions will cover the banking sector, military industry, and other critically important sectors of the Russian economy.
“We are finalizing the development of a further sanctions package… to reduce the funds that Russia can invest in its illegal war,” said UK Prime Minister Keir Starmer.
US Position and Future Prospects for Sanctions
While the United Kingdom has already imposed restrictions on over 2,300 entities linked to Russia’s aggression and is ready to expand this list, the US position remains ambiguous. President Donald Trump expressed skepticism about new sanctions, stating that they cost the United States billions of dollars and are not a simple tool. He also left the G7 summit early due to the escalation of the conflict in the Middle East, indicating a decrease in US involvement in the initiative.
Thus, the main impetus for strengthening sanctions may come from the EU, Canada, and the UK without active participation from Washington. Meanwhile, in the US, some senators are proposing to impose high tariffs on countries purchasing cheap Russian oil, particularly China and India, but these ideas currently lack sufficient support.
At a press conference with Canadian Prime Minister, Donald Trump also stated that excluding Russia from the G7 was a “mistake” and “complicated matters,” which was surprising since Russia was expelled from the group back in 2014 following the annexation of Crimea.