EU Unveils New Russia Sanctions, Lowers Oil Price Cap After Slovak Veto Lifted
EU Unveils New Russia Sanctions, Lowers Oil Price Cap After Slovak Veto Lifted
The European Union has officially approved its 18th package of sanctions against Russia, including a significant reduction in the oil price cap and new restrictions targeting Russian financial institutions and shipping. The decision follows weeks of negotiations and the lifting of Slovakia’s veto, which had previously stalled the measures.
Key components of the new sanctions include a dynamic price cap on Russian crude oil, now set at 15 percent below the average market price, effectively lowering it from $60 to approximately $47.6 per barrel. Additionally, 105 “shadow fleet” ships used to circumvent existing sanctions have been targeted, and transactions related to the Nord Stream pipelines are now banned. Russian banks will also face tighter restrictions on their access to transactions.
Ukrainian President Volodymyr Zelenskyy welcomed the decision, emphasizing its timeliness given Russia’s intensified attacks on Ukrainian cities and villages. The package, proposed a month ago, faced a veto from Slovakia, which demanded concessions regarding the EU’s separate plan to phase out Russian gas. Slovak Prime Minister Robert Fico ultimately dropped his veto after securing written guarantees from the European Commission to mitigate potential energy price spikes and shortages, though the gas phase-out plan is expected to proceed.
Lithuanian Foreign Minister Kęstutis Budrys highlighted the EU’s move as a crucial step, calling for the U.S. Senate to follow suit with its own Russia sanctions bill to impose further economic pressure.
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