The European Commission is working on a new, already 18th package of sanctions against the Russian Federation, aimed at further increasing economic pressure on the aggressor country. The planned restrictions include disconnecting about 20 banks from Russia from the international payment system SWIFT, as well as imposing trade bans on goods and services worth over 2.5 billion euros.
This is reported by Business • Media
Sanctions against the “Nord Stream” and the “shadow fleet”
For the first time in history, the European Union is considering the possibility of imposing sanctions on the “Nord Stream” pipeline projects. Additionally, the list of potential restrictions may include “shadow” transport fleets and funds that finance the Kremlin’s military operations. Relevant closed consultations are already ongoing among EU member states.
Reduction of the price cap on oil from Russia
The idea of lowering the price cap on Russian oil to approximately $45 per barrel is also being discussed, although it currently stands at $60. However, the implementation of this measure is not possible without the support of the United States. The American side is currently skeptical about the initiative, noting that the existing price restrictions and the decline in oil prices are causing significant harm to the Russian economy. Thus, Brent crude is currently trading at around $64 per barrel, while the Russian Urals grade costs about $10 less.
Finance ministers from the G7 countries condemned Russia’s aggression against Ukraine and warned that in the absence of an agreement on a ceasefire, the sanctions pressure on Moscow will only intensify.
“The EU wants to impose sanctions on the “Nord Stream” pipeline projects for the first time.”