EU close to 18th sanctions package against Russia, including oil price cap - Reuters
Photo: 18th sanctions package could be approved as early as Tuesday (Getty Images)
EU envoys are close to finalizing the 18th package of sanctions against Russia, which will include a reduction in the oil price cap, according to Reuters.
According to sources, all elements of the package have been agreed upon, although one EU member state still has technical reservations regarding the new price cap.
The agency reports that envoys aim to reach a full agreement on Monday, just ahead of the EU foreign ministers’ meeting in Brussels the next day, where the package could be formally adopted.
They have also agreed on a dynamic pricing mechanism for the cap. On Friday, the European Commission proposed a floating price for Russian oil set at 15% below the average market price of crude oil over the previous three months.
One source noted that the initial cap would be around $47 per barrel. The price would then be reviewed every six months, based on the median oil price, instead of the previously proposed three-month cycle.
Slovakia, which had delayed the proposed package, is still seeking assurances from the European Commission regarding its concerns over plans to gradually phase out Russian gas. However, the country has now agreed to the new measures.
EU sanctions require unanimous approval from all member states.
Sanctions against Russia
Earlier this week, Ukrainian Deputy Foreign Minister Andrii Sybiha urged the EU and the US to coordinate their sanctions against Russia to force it to cease attacks at sea, on land, and in the air.
US President Donald Trump has also backed a Senate proposal for new sanctions on Russia, which includes imposing 500% tariffs on goods from countries that purchase Russian exports.
The Times reported that if such sanctions are adopted, they would effectively amount to a global embargo on Russian oil.
