EU Proposes New Sanctions Against Russia Amid Ongoing Conflict in Ukraine
The European Commission unveils measures targeting Russia's energy and banking sectors as part of a coordinated response with the United States.
The European Commission has announced a new proposed package of sanctions aimed at addressing the ongoing conflict in Ukraine, particularly focusing on Russia's energy and banking sectors.
Ursula von der Leyen, the Commission President, stated that these measures are intended to pursue peace in Ukraine, emphasizing that despite Ukraine's unconditional ceasefire proposal, Russia continues to inflict death and destruction within the country.
Von der Leyen remarked that Russia's objective is not peace, but rather to manipulate strength.
According to von der Leyen, Russian energy revenues have decreased to nearly four-fifths of their pre-war levels, resulting in a significant rise in the budget deficit and inflation, which recently surpassed ten percent.
The proposed sanctions include targeting transactions related to the Nord Stream pipelines, which are currently non-operational and were reportedly sabotaged, suspected to be by Ukrainian forces.
The EU is seeking to lower the existing oil price cap from $60 to $45 per barrel.
This adjustment comes amid a general decrease in prices since the implementation of the cap, which von der Leyen argues requires recalibration in response to evolving market conditions.
It is important to note that the price cap was initially introduced in collaboration with the G7 group of advanced economies, including the United States.
Von der Leyen expressed her intention to continue this measure as a G7 initiative.
Additionally, the enforcement of the price cap would involve sanctions on more than seventy vessels associated with the so-called Russian shadow fleet—ships that operate under different flags but are believed to have Russian affiliations.
Further, the proposal includes banning imports of refined products derived from Russian oil, thereby preventing any circumvention of the ban through processed goods entering the EU.
In the banking sector, stricter prohibitions are suggested, expanding a transaction ban to an additional 22 Russian banks.
This extension also targets financial institutions that facilitate Russian sanctions evasion.
The export bans would be broadened to include machinery, metals, and chemical materials, while an additional 22 Russian individuals or entities would be added to the sanctions list, subjecting them to asset freezes and travel bans.
Von der Leyen had previously indicated that they were working on this new package after a meeting with U.S. Senator Lindsey Graham, who proposed a 500 percent tariff on any country purchasing oil, gas, or uranium from Russia, with exemptions for nations assisting Ukraine.
Von der Leyen noted that the EU’s measures, in conjunction with those of the United States, would significantly enhance collective impact, aligning both parties toward a common goal: bringing Russia to the negotiation table.
As with previous sanctions packages, the approval process requires unanimous consent from the foreign ministers of EU member states.
Recently, Robert Fico, the Slovak Prime Minister, indicated that he would veto any sanctions that he perceives as detrimental to Slovakia's interests.
Ursula von der Leyen, the Commission President, stated that these measures are intended to pursue peace in Ukraine, emphasizing that despite Ukraine's unconditional ceasefire proposal, Russia continues to inflict death and destruction within the country.
Von der Leyen remarked that Russia's objective is not peace, but rather to manipulate strength.
According to von der Leyen, Russian energy revenues have decreased to nearly four-fifths of their pre-war levels, resulting in a significant rise in the budget deficit and inflation, which recently surpassed ten percent.
The proposed sanctions include targeting transactions related to the Nord Stream pipelines, which are currently non-operational and were reportedly sabotaged, suspected to be by Ukrainian forces.
The EU is seeking to lower the existing oil price cap from $60 to $45 per barrel.
This adjustment comes amid a general decrease in prices since the implementation of the cap, which von der Leyen argues requires recalibration in response to evolving market conditions.
It is important to note that the price cap was initially introduced in collaboration with the G7 group of advanced economies, including the United States.
Von der Leyen expressed her intention to continue this measure as a G7 initiative.
Additionally, the enforcement of the price cap would involve sanctions on more than seventy vessels associated with the so-called Russian shadow fleet—ships that operate under different flags but are believed to have Russian affiliations.
Further, the proposal includes banning imports of refined products derived from Russian oil, thereby preventing any circumvention of the ban through processed goods entering the EU.
In the banking sector, stricter prohibitions are suggested, expanding a transaction ban to an additional 22 Russian banks.
This extension also targets financial institutions that facilitate Russian sanctions evasion.
The export bans would be broadened to include machinery, metals, and chemical materials, while an additional 22 Russian individuals or entities would be added to the sanctions list, subjecting them to asset freezes and travel bans.
Von der Leyen had previously indicated that they were working on this new package after a meeting with U.S. Senator Lindsey Graham, who proposed a 500 percent tariff on any country purchasing oil, gas, or uranium from Russia, with exemptions for nations assisting Ukraine.
Von der Leyen noted that the EU’s measures, in conjunction with those of the United States, would significantly enhance collective impact, aligning both parties toward a common goal: bringing Russia to the negotiation table.
As with previous sanctions packages, the approval process requires unanimous consent from the foreign ministers of EU member states.
Recently, Robert Fico, the Slovak Prime Minister, indicated that he would veto any sanctions that he perceives as detrimental to Slovakia's interests.
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