European Union countries have signed off on a new package of sanctions on Russia over the war in Ukraine, including lowering a price cap on Moscow’s oil exports…in efforts to throw their weights behind Volodymyr Zelensky.
The 18th round of economic punishment against Russia since its 2022 invasion was approved last Friday after Slovakia dropped a weeks-long block following talks with Brussels over separate plans to phase out Russian gas imports.
The new sanctions on Russia
EU foreign policy chief Kaja Kallas confirmed in her statement: ‘The EU just approved one of its strongest sanctions packages against Russia to date.
‘Each sanction weakens Russia’s ability to wage war. The message is clear: Europe will not back down in its support for Ukraine. The EU will keep raising the pressure until Russia ends its war.’
Slovakia’s Russia-friendly leader Robert Fico dropped his opposition after getting what he called ‘guarantees’ from Brussels over gas prices as the bloc pushes to cut off Russian imports by the end of 2027.
As part of the new sanctions designed to weaken Russia’s influence, diplomats said the EU has agreed to lower its price cap on Russian oil exported to third countries around the world to 15 percent below market value.
That comes despite EU allies failing to convince US President Donald Trump to go along with the plan.
The cap is a G7 initiative aimed at limiting the amount of money Russia makes by exporting oil to countries across the globe such as China and India.
