"EU" proposes 18th set of sanctions against Russia, targeting energy and banking sectors

EU proposes 18th batch of sanctions against Russia, aiming to ban transactions with Nord Stream gas pipeline, 22 more Russian banks and RDIF, and proposes lowering the price ceiling for crude oil to $45

June 11, 2568 time The European Commission has proposed the 18th set of sanctions against Russia over its invasion of Ukraine. The new measures include a cut in Moscow's energy revenues, along with tightening controls on its financial and military-industrial sectors. The new measures propose a ban on transactions with Russia's Nord Stream gas pipeline and banks that have been found to be evading sanctions.

Ursula von der Leyen, President of the European Commission “Russia’s goal is not peace, but coercion … Force is the only language Russia understands,” he said at a press conference.

The content of the proposal includes:

• 22 more Russian banks added to sanctions list
• Expanding restrictions from just being removed from the SWIFT system to a full transaction ban
• Expanding to banks from third countries
• Add the Russian Direct Investment Fund (RDIF), including all its subsidiaries and affiliates, to the sanctions list.

RDIF chief Kirill Dmitriev said in a statement that von der Leyen's remarks reflected the EU's desire to prolong the conflict in Ukraine and dissatisfied with RDIF's efforts to restore Russia-US relations. He said that RDIF also supports European companies operating in Russia.

The European Commission has also proposed lowering the price ceiling for G7 Russian crude from $60 to $45 a barrel to pressure Russian energy revenues.
President von der Leyen said the issue would be discussed at the G7 summit in Canada next week.

Ukrainian President Volodymyr Zelensky welcomed the sanctions package but called for the price ceiling on oil to be lowered further, suggesting it be as low as $30 a barrel.

“Russia’s ability to wage a war depends on selling oil and circumventing financial constraints. We must limit our tanker fleet, our technological capacity to produce and refine oil, and do everything we can to keep oil prices below what Russia can afford to pay. … All our allies know that the necessary price level is $30, not more, because that is where the real pressure is.”

The European Commission has also proposed adding more ships to Russia's shadow fleet, bringing the total to more than 400, adding more oil companies with ties to Russia, and banning the import of oil products refined from Russian crude oil into the EU market.

refer : reuters.com

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