EU Strikes Hard: New Sanctions Target Russian Energy Sector

The European Union has agreed on its 18th sanctions package against Russia over the Ukraine conflict, focusing on the energy sector. The measures include lowering the G7's price cap for crude oil to $47.6 per barrel and banning transactions related to Russia's Nord Stream gas pipelines and financial sector.

The European Union has unveiled its 18th set of sanctions against Russia, aiming to intensify economic pressure over the ongoing war in Ukraine. This comprehensive package specifically targets Russia's oil and energy sector with a lowered G7 price cap on crude oil. According to diplomats, the cap is now set at $47.6 per barrel.

EU foreign policy chief Kaja Kallas emphasized the potency of the sanctions, describing them as among the toughest yet. She stressed the intention to continually escalate pressure on Moscow, making it imperative for the Kremlin to halt its aggressive actions.

European Commission President Ursula von der Leyen echoed this sentiment, highlighting that the measures are aiming directly at Russia's banking, energy, and military-industrial capabilities. The package also includes prohibitions on transactions involving Russia's Nord Stream gas pipelines and its financial sector.