EU Unveils Landmark 18th Sanctions Package Against Russia, Targeting Oil, Gas, and Banks
EU Unveils Landmark 18th Sanctions Package Against Russia, Targeting Oil, Gas, and Banks
The European Union has approved its eighteenth and arguably strongest package of sanctions against Russia, escalating economic pressure over the ongoing war in Ukraine. Announced on Friday, the comprehensive measures target Russia’s vital energy revenues, its financial sector, and its ability to circumvent previous restrictions.
Key elements of the new sanctions include a significant reduction in the oil price cap from $60 to $45, a complete ban on transactions with the Nord Stream gas pipelines, and the targeting of additional ships in Russia’s ‘shadow fleet’ used to bypass oil restrictions. Furthermore, the package broadens its reach into the banking sector, notably adding two Chinese banks to the sanctions list, and impacting Russian energy giant Rosneft’s refinery in India.
EU foreign policy chief Kaja Kallas hailed the move as “one of its strongest sanctions packages against Russia to date,” reiterating Europe’s unwavering support for Ukraine. Ukrainian Prime Minister Yulia Svyrydenko welcomed the measures, stating they “strengthen the pressure where it counts,” a sentiment echoed by French President Emmanuel Macron and German Chancellor Friedrich Merz, who emphasized the goal of weakening Russia’s war financing capabilities.
In response, Kremlin spokesman Dmitry Peskov dismissed the sanctions as illegal, asserting that Russia has developed immunity and adapted to Western restrictions, warning of negative consequences for nations supporting them. The new EU actions coincide with a recent announcement from US President Donald Trump regarding increased weapons supplies to Ukraine and threats of steep tariffs on Russia unless a peace deal is reached within 50 days.
While the EU had aimed for broader international consensus on the oil price cap, particularly with G7 nations, rising oil prices due to Middle East conflicts and US reluctance hindered full global alignment. The bloc acknowledges that each new round of sanctions becomes increasingly challenging to agree upon, as measures against Russia inevitably impact the economies of the 27 member states, as seen with Slovakia’s initial concerns over gas supply proposals in this latest package.
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