The European Commission presented the eighteenth sanctions package against the Russian Federation on June 10, aimed at further increasing pressure on the energy and financial sectors of the aggressor state.
This is reported by Київ24
Key sanctions against energy and finance
The new package of restrictions includes a number of significant innovations. In particular, the European Commission proposes a complete ban on transactions related to the “Nord Stream-1” and “Nord Stream-2” pipelines. This will prevent operators from EU countries from any direct or indirect participation in financial operations concerning these facilities.
Another important step is the proposal to lower the price cap on Russian oil from $60 to $45 per barrel. As emphasized by European Commission President Ursula von der Leyen, oil exports still account for about one-third of Russia’s budget revenues, so it is necessary to limit this source of income.
“We propose to impose a ban on transactions for ‘Nord Stream-1’ and ‘Nord Stream-2’. This means that no EU operator will be able to directly or indirectly participate in any transactions regarding the ‘Nord Stream’ pipelines. There is no going back,” said European Commission President Ursula von der Leyen.
Von der Leyen emphasized that the issue of coordinating actions within the G7 will be discussed at the upcoming summit in Canada. She also expressed cautious optimism about reaching a unified position with partners from the United States regarding the reduction of the oil price cap.
In addition, the European Commission proposes to expand the list of vessels in the so-called “shadow fleet,” adding another 77 ships to the blacklist that are used to transport oil in circumvention of sanctions. It is also planned to ban the import of refined products based on crude Russian oil.
Expansion of sanctions in the banking sector and industry
The European Commission’s proposals include expanding the ban on the use of the SWIFT system to a complete ban on transactions for another 22 Russian banks. The restrictions will also apply to operators from third countries that finance trade with Russia, circumventing existing sanctions.
The Russian Direct Investment Fund may also fall under sanctions, complicating the modernization of the economy and strengthening the industrial base of the aggressor state.
The EU plans to impose new export bans worth over 2.5 billion euros. These will concern machinery, metals, plastics, chemicals, as well as dual-use goods and technologies that can be used for the production of drones, missiles, and other military equipment. The aim of this step is to prevent the use of European technologies for the modernization of Russian weaponry.
It is specifically noted that 22 companies from Russia and other countries that directly or indirectly support the Russian military-industrial complex may also be subject to sanctions.
It is known that the 18th sanctions package also includes proposals for restrictions on nine individuals and 33 legal entities involved in the energy sector and military industry of Russia.
The final decision on the implementation of the sanctions package must be made unanimously by the EU member states. The list of restrictions is to be formally approved by the EU Council at the level of foreign ministers, with a meeting scheduled for June 23.