The European Commission is set to introduce a new set of sanctions against Russia in response to the ongoing conflict in Ukraine. This 18th package of sanctions includes measures such as lowering the cap on Russian oil prices and banning the use of Nord Stream infrastructure.
The proposed sanctions aim to increase pressure on Moscow amidst stalled peace negotiations with Ukraine. The commission’s plan is to reduce the existing oil price cap from $60 to $45 per barrel and prohibit the use of Russian energy infrastructure, specifically targeting the Nord Stream pipelines.
Additionally, the package includes the listing of more Russian banks and shadow fleet vessels. It also includes measures to protect Belgium, where €190bn in Russian central bank assets have been frozen by previous sanctions, from potential lawsuits under a bilateral investment treaty with Russia.
The next step is for EU member states to discuss and unanimously approve the proposed sanctions. However, there may be challenges as Slovakia and Hungary have hinted at possible opposition to further sanctions, which could complicate the negotiation process.
Despite potential obstacles, there is optimism among officials that an agreement on the sanctions package can be reached before the end of July. Hungary, in particular, has shown willingness to drop its opposition to previous packages, raising hopes for a successful outcome.
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This article is a developing story, and more updates may follow as the situation progresses. Stay tuned for further information on the ongoing conflict and the international response to it.
