Ukrainian Foreign Minister Andrii Sybiha emphasized the need for more decisive sanctions pressure on Russia from G7 countries. According to the head of the Foreign Ministry, despite international peace initiatives and proposals from the United States, Russia continues its escalation and terrorist actions, indicating the need to strengthen sanctions to compel Moscow to a ceasefire.
This is reported by Finway
Ukraine Proposes Lowering the Price Cap on Russian Oil
In his address, Andrii Sybiha noted that there are many areas where sanctions pressure can be intensified to make it as painful as possible for the economy of the Russian Federation.
“One of the most painful decisions is lowering the price cap on oil. Our proposal is $30 per barrel,”
the minister stated.
In addition, Ukraine insists on a decision regarding the confiscation of frozen assets of Moscow, which, according to official Kyiv, will be another effective mechanism to compel a just peace. The state also hopes for further international isolation of the aggressor country.
New EU Sanctions Package: Focus on Energy and Military Industry
The European Union is preparing its 18th sanctions package against Russia, which is primarily aimed at reducing its energy revenues and limiting its military potential. Among the proposed measures is a reduction of the price cap on oil from the current $60 to $45 per barrel. The sanctions list is expected to include a number of companies that operate vessels of the so-called “shadow fleet.”
The EU also intends to include two international oil trading networks based in the United Arab Emirates that support the Russian oil sector, as well as two Chinese companies that directly contribute to Russia’s military actions in Ukraine, particularly through the supply of goods used on the battlefield.