‘One of the toughest yet’: EU approves 18th sanctions package against Russia, oil price cap to be lowered
On July 18, ambassadors from the 27 European Union member
states approved the bloc’s 18th sanctions package against Russia, EU foreign
policy chief Kaja Kallas wrote on her
official X page.
“We are standing firm. The EU just approved one of its
strongest sanctions package against Russia to date,” Kallas wrote.
She said the EU would continue shrinking the Kremlin’s
military budget, target 105 vessels from Russia’s “shadow fleet” and their
suppliers, and further restrict Russian banks’ access to financing.
The package also includes a ban on construction of Nord
Stream pipelines and a reduction of the oil price cap for Russian crude, she
added.
“We are putting more pressure on Russia’s military industry,
Chinese banks that enables sanctions evasion, and blocking tech exports used in
drones,” the EU’s top diplomat said.
For the first time, the new sanctions also revise the flag
registry and target Rosneft’s largest oil refinery in India.
The EU unveiled its 18th sanctions package on June 10. It
included proposed restrictions on Russia’s energy and banking sectors,
including a plan to cut the oil price cap from $60 to $45 per barrel.
On June 26, EU countries failed to reach consensus on
approving the package but did agree to extend existing sanctions for another
six months.
EU ambassadors also failed to reach a deal on July 4 and
July 16, as Slovakia and Malta withheld their support.
Slovak Prime Minister Robert Fico announced on July 17 that
his country would no longer block the 18th sanctions package after the European
Commission gave Slovakia guarantees regarding gas prices.
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