The European Union has adopted its 18th sanctions package against Russia, targeting the country’s energy revenues and shadow fleet. The new measures aim to limit Russia’s ability to finance its ongoing war of aggression in Ukraine.
In a significant development, the EU has lowered the oil price cap on Russian crude oil from USD 60 per barrel to USD 47.6 per barrel. This move is expected to have a major impact on Russia’s economy and its ability to fund the conflict.
The sanctions package also includes additional economic measures, export bans, and other countermeasures to prevent circumvention of sanctions and support to Russia. The package targets entities, individuals, and vessels associated with the Russian shadow fleet, with 91 new entities, 14 individuals, and 105 vessels added to the list.
EU sanctions against Russia were first introduced in response to its illegal annexation of Crimea in 2014 and the destabilization of Ukraine. Since then, the measures have been expanded in 17 previous packages. The EU has consistently pushed for stronger support to Ukraine and additional sanctions on Russia, with Sweden at the forefront of this effort.
The new sanctions package is seen as a significant escalation of the EU’s response to Russia’s actions. The move is likely to be welcomed by Ukraine and its allies, who have been calling for increased pressure on Russia to end its aggression.
“This lower oil price cap is a welcome development, and is something the Government has long pushed for,” said Maria Malmer Stenergard, Minister for Foreign Affairs. “The decision will also have a major impact on Russia’s economy and possibilities to finance the war.”
Jessica Rosencrantz, Minister for EU Affairs, added, “Our adoption of an 18th sanctions package today is key. As Russia continues its brutal war of aggression against Ukraine at undiminished strength, it is all the more important that the EU stays the course in its targeted response.”
A total of 105 vessels associated with the Russian shadow fleet have been banned from operating within EU waters, and a ban has been imposed on purchasing, importing or transporting petroleum products from Russian crude oil via third countries.
The EU’s efforts to isolate Russia economically are expected to continue, with Sweden pushing for additional sanctions and stronger support to Ukraine. The move is seen as a significant step forward in the EU’s response to Russia’s actions, and is likely to have far-reaching consequences for the country’s economy and its ability to fund its military operations.
Key Points:
- The EU has adopted an 18th sanctions package against Russia, targeting the country’s energy revenues and shadow fleet.
- The oil price cap on Russian crude oil has been lowered from USD 60 per barrel to USD 47.6 per barrel.
- A total of 91 entities, 14 individuals, and 105 vessels associated with the Russian shadow fleet have been sanctioned in the new package.
- The EU sanctions against Russia were first introduced in response to its illegal annexation of Crimea in 2014 and the destabilization of Ukraine.
Conclusion:
The EU’s latest sanctions package against Russia is a significant escalation of the country’s isolation. The move is expected to have far-reaching consequences for Russia’s economy and its ability to fund its military operations, and is likely to be welcomed by Ukraine and its allies.