EU readies harshest Russia sanctions since 2022: Details
Russian President Vladimir Putin (photo: Getty Images)
The European Union is preparing its toughest sanctions package against Russia since 2022 to restrict funding for the war. The new measures are expected to target Russia’s oil and gas sector as well as its financial system, according to French Foreign Minister Jean-Yves Le Drian’s statement on the TF1 television channel.
The European Union plans to impose new, record-breaking, tough sanctions on Russia to severely limit its ability to continue the war.
According to Barro, this sanctions package will be the strongest since 2022. It is aimed directly at hitting the Kremlin’s financial and energy resources that enable Putin to conduct military operations. The French diplomat emphasized that Russia is not making advances on the front lines but instead has intensified attacks on Ukrainian cities and civilian infrastructure, causing numerous civilian casualties.
The restrictions are expected to target several key areas:
- Oil and gas sector: This includes bans on transactions involving Nord Stream 1 and Nord Stream 2 pipelines, lowering the price cap on Russian oil from $60 to $45 per barrel, and sanctions against the shadow fleet of tankers that help circumvent these restrictions.
- Finance: A complete ban on transactions with 22 Russian banks, including those operating through third countries, as well as restrictions on the Russian Direct Investment Fund (RDIF) and its subsidiaries.
Barro also emphasized that the sanctions could affect foreign companies and intermediaries that assist Russia in evading previous restrictions.
Although the final agreement among EU countries has not yet been reached, European diplomats are confident that the new sanctions package will deliver a serious blow to the Kremlin’s financial flows. Brussels hopes this will pressure Putin into agreeing to a ceasefire and returning to the negotiating table.
This will be the EU’s 18th sanctions package against Russia since the full-scale invasion began in 2022. It aims to intensify pressure on the Russian economy and reduce its resources for continuing the war.
Meanwhile, in the US Senate, a bill has been pending for some time that proposes new tough restrictions on Russia. Notably, it includes imposing a 500% tariff on any country that continues to buy Russian oil and other goods. The bill enjoys strong bipartisan support, with 84 out of 100 senators backing it.
