EU unveils 18th sanctions package against Russia, proposes stricter oil price cap
European Commission President Ursula von der Leyen (Photo: Getty Images)
The European Commission has proposed introducing an 18th package of sanctions against Russia, which includes a reduction of the price cap on Russian oil, European Commission President Ursula von der Leyen announced, according to Reuters.
"Russia's goal is not peace. It is to impose the rule of might ... strength is the only language that Russia will understand," said the President of the European Commission.
As part of the new package, the European Commission proposes adding 22 more Russian banks to the sanctions list and expanding restrictions on them beyond SWIFT disconnection by introducing a full ban on transactions.
The European Commission also proposes expanding the scope of sanctions to include banks from third countries and listing the Russian Direct Investment Fund (RDIF), along with its subsidiaries and broader network.
The Commission has additionally proposed lowering the G7 price cap on Russian crude oil from $60 to $45 per barrel in order to reduce Russia's energy revenues.
Von der Leyen stated that the oil price cap would be discussed at the upcoming G7 leaders' summit in Canada next week.
"My assumption is that we do that together as the G7. We started that as G7, it was successful as a measure from the G7, and I want to continue this measure as G7," she added.
She also said that a ban is being proposed on the import of oil products refined from Russian crude.
"In this way, we want to prevent that some of the Russian crude oil reaches the EU market through the back door," the Commission President noted.
Ukraine's proposal
Earlier, Ukraine's Minister of Foreign Affairs, Andrii Sybiha, called on the G7 to lower the price cap on Russian oil from $60 to $30 per barrel.
Andriy Yermak, Head of the Office of the President of Ukraine, noted that such measures would collapse Russia's ability to finance its war against Ukraine.
