The European Commission has proposed an 18th package of sanctions against Russia, targeting its energy sector, financial institutions, and military industry.
According to Reuters, key measures include a ban on transactions involving the Nord Stream gas pipelines and additional restrictions on 22 Russian banks, including a full transaction ban beyond their removal from SWIFT. Sanctions may also extend to banks in third countries and the Russian Direct Investment Fund (RDIF), along with its subsidiaries and affiliates.
A central element of the proposal is a suggested reduction in the G7 oil price cap on Russian crude from $60 to $45 per barrel, aimed at curbing Moscow’s energy revenues. Ukrainian President Volodymyr Zelenskiy supported the new sanctions but urged further action, calling for the oil cap to be slashed to $30 and for restrictions on Russia’s tanker fleet and oil processing technologies, Reuters reports.
The package also expands the EU’s blacklist of vessels in Russia’s “shadow fleet” to over 400 and proposes banning imports of refined products made from Russian oil to prevent indirect trade.
The proposal is set for discussion among EU member states in the coming days.
