On Thursday, the European Union approved its 18th Sanctions package on Russia that increases economic pressure on the raging war in Ukraine. Some of the measures are the toughest ever as they seem to be specifically aimed at paralyzing Russian oil, energy, and financial industries, which are the major cogs of its war machine.
One of the most influential decisions in the package is lowering the G7 oil price cap, which widens the maximum cost of Russian crude oil to the limit of 47.6 dollars a barrel, based on diplomatic finances. The move is intended to further bite into Russian energy revenues, which have long been financial pillars of its military activities.
European Union foreign policy chief Kaja Kallas posted on social media to announce the bloc’s firm position, saying: The EU just signed off on one of its toughest packages of sanctions against Russia to date. We will continue to increase the expenses, and cessation of the aggressive acts will be the only way Moscow will pursue.”
Besides the oil price limit, the sanctions also prohibit business with Nord Stream gas pipelines of Russia, the symbolic and strategic powerhouse, as these installations were the primary channels of Russia’s gas transfers to Europe in the past. The new sanctions also aim at Russian banks and the military-industrial complex, further putting a clamp on the financial potential of the Kremlin.
President of the European Commission Ursula von der Leyen hailed the action, saying: ”We are hitting the centre of Russian war machine. The package is aimed at its banking sector, the energy sector as well as the military sector, and there is a new dynamic oil price cap that has been introduced.”
With the war in Ukraine still ongoing, the EU is active in applying economic measures against Russia to change the aggressive position of the latter and enlist the support of international communities and economies through further isolation and economic destabilization.
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