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EU approves new wave of sanctions against Russia, including cap on Russian crude oil prices

The European UnionA new set of sanctions has been passed against Russia, includingRussiasold to third party countriesOilSet a price range.

“We have approved a new set of sanctions, including price limits and sanctions for Russian oil shipped to third countries,” Poland’s ambassador to the European Union Andrzej Sados told reporters on Tuesday, Bloomberg News reported. Mechanisms to avoid are included.”

According to a tweet from the Czech Republic, which holds the rotating presidency of the European Council, the sanctions plan is expected to go into effect on the 6th. This would prevent Russian oil from being shipped by sea to third-party countries at higher prices. The upper limit, and will expand restrictions including steel products. Import restrictions on products, as well as restrictions on providing IT, engineering and legal services to Russian entities.

European Commission President Van der Leyen tweeted on 5th: “Great to see Member States reaching an agreement on the eighth sanctions package today (5). We have acted quickly and decisively. We Russian President Vladimir Will never accept Putin’s fake referendum or any annexation in Ukraine. We are determined to continue to make the Kremlin pay the price.”

In addition to the oil price cap, the package will target a number of individuals and entities, including senior Russian government officials and those involved in the recent Ukrainian referendum, according to draft sanctions previously seen by Bloomberg. Provide Russia with aviation materials, electronic parts and certain chemicals to prevent the Russian military from acquiring critical technologies.

According to people familiar with the matter, EU ambassadors discussed how to reduce the impact of the new sanctions scheme on countries with large shipping industries on the evening of the 4th, and struck an agreement. Greece, Cyprus and Malta at the meeting expressed concern over the embargo on Russian oil shipments and sought assurance on the effectiveness and potential impact of the new mechanism.

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