Ukrainian Foreign Minister Andrii Sybiga emphasized the need to intensify sanctions against the Russian Federation, as official Moscow continues to ignore global and U.S. peace initiatives, responding with new waves of terror and escalation of hostilities. According to the Foreign Minister, expanding sanctions pressure could be a key tool to compel the Kremlin to cease its aggression.
This is reported by Business • Media
Proposals for New Sanctions and Lowering the Price Cap
Among the main proposals from Kyiv is lowering the price cap on Russian oil exports. Ukraine suggests setting the cap at $30 per barrel, which, according to Andrii Sybiga, would be “one of the most painful decisions” for the Russian economy.
“One of the most painful decisions is lowering the price cap on oil. Our proposal is $30 per barrel,” the minister stated.
Additionally, the Ukrainian side advocates for a decision on the confiscation of frozen Russian assets, as well as the continuation of the international isolation of the aggressor state.
18th EU Sanctions Package: Increasing Pressure on Russia’s Energy and Military Industries
The upcoming 18th package of European Union sanctions is expected to target Russia’s energy sector and its military-industrial complex. In particular, there is a proposal to lower the price cap on Russian oil from $60 to $45 per barrel. The sanctions list is set to include companies that manage or service vessels of the so-called “shadow fleet,” which facilitate the transportation of Russian oil bypassing restrictions.
The EU also proposes to impose restrictions on two international oil trading networks based in the United Arab Emirates that actively support the Russian oil sector. Additionally, the inclusion of two Chinese companies that directly support Russia’s military actions in Ukraine, particularly by supplying equipment and goods used on the front, is being discussed for the sanctions list.