US EditionThe EU targets Russia's energy revenue and shadow fleet with new sanctions over Ukraine war
EUROPEAN UNION, JUL 18 – The EU’s new sanctions cut the Russian oil price cap to about 15% below market value and blacklist over 100 vessels to restrict Moscow’s energy revenues amid the Ukraine conflict.
- On Friday, EU member states agreed to their 18th set of sanctions against Russia, introducing a lower oil price cap and expanding restrictions on shipping activities.
- This package followed Russia’s 2022 invasion of Ukraine and was delayed by Slovakia’s veto, which was lifted after Brussels granted guarantees on gas prices.
- The sanctions prohibit dealings with 22 Russian banks, prevent the reactivation of the inactive Nord Stream pipelines, and include over 100 more vessels from the shadow fleet on the EU’s blacklist.
- The new dynamic oil price cap starts at $47.6 per barrel and stays 15% below market value to limit Russia’s energy revenues funding its war effort.
- Officials asserted that sanctions increase pressure on Russia and Europe will maintain support for Ukraine until the conflict ends.
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304 Articles
Spectrum News 13
EU, U.K. hit Russia with new sanctions, targeting energy revenue and spies
The European Union and Britain are ramping up pressure on Russia over its war on Ukraine.
The EU presented the latest in a long series of sanctions packages aimed at Russia on Friday. Flemming Splidsboel sees it as positive, but points out that there are still many other buttons to turn.
New oil price cap, transaction lock for North Stream pipelines – and Slovakia is on board: this brings the new EU sanctions package against Russia.
EU, UK tighten pressure on Russia with new oil sanctions and banking curbs
BRUSSELS: The European Union and Britain announced fresh sanctions on Friday (Jul 18) targeting Russia’s oil revenue, banking sector and military capacity, aiming to intensify pressure on Moscow to end it
EU Adopts New Sanctions That Lower Oil Price Cap and Hit Shadow Tankers
The European Union approved its 18th package of sanctions against Russia related to the war in Ukraine, expanding its targeting of the energy, banking, and military sectors. The package, which is being called one of the strongest sanction packages against Russia, was approved after Slovakia dropped its opposition, but without the U.S. joining in on key elements. The European Commission adopted steps to further reduce Russia’s energy income, whic…
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