Cheap oil and 18th sanctions package: Zelenskyy urges EU to ramp up pressure on Russia
Photo: President Volodymyr Zelenskyy (GettyImages)
EU countries must adopt a strong 18th package of sanctions against Russia, with a primary focus on cutting Russia's energy revenues, stated President Volodymyr Zelenskyy during his address to the European Council.
According to the President, sanctions remain one of the most effective tools for limiting Russian aggression.
"What's needed now is a truly strong 18th package of EU sanctions against Russia," he emphasized.
Zelenskyy believes special attention should be given to trade in Russian oil, the shadow fleet, Russian financial institutions, and supply chains for weapons components. The President warned that some European companies are still supplying Russia with critical parts that eventually end up in Russian missiles.
"We are identifying these materials and will pass the evidence to your teams," he promised.
He also stressed the need to lower the price cap on Russian oil: "A cap of $45 could help move toward peace, of course. But for real, lasting peace – and we shared it yesterday with all the partners: European partners, US partners – a cap of $30 per barrel is needed to block Russia's ability to fund its aggression".
Sanctions against Russia
European Union member states are expected to adopt a new 18th package of sanctions against Russia later this week. The main obstacles have come from the positions of the Hungarian and Slovak governments.
On June 23, Hungarian Foreign Minister Péter Szijjártó stated that Hungary and Slovakia had blocked the approval of the new sanctions package. However, the very next day, on June 24, Slovak Foreign Minister Juraj Blanár denied that claim, assuring that Bratislava is ready to support the sanctions if it receives guarantees that the new measures will not harm Slovakia's economy.
Meanwhile, German Chancellor Friedrich Merz stated that the European Union will adopt the new 18th package of sanctions against Russia today, June 26. This move is part of the broader effort to pressure the Kremlin into peace negotiations over Ukraine.
