The European Union has approved one of its toughest sanctions packages against Russia over the Ukraine war. Measures include lowering the oil price cap to under $48, blocking 105 more Russian ships, targeting Nord Stream pipelines, Rosneft’s Indian refinery, and expanding banking sanctions to include two Chinese banks,.
Firefighters battle a blaze in a civilian installation following a Russian strike in Dobropillia, Donetsk region. Pic/AFP
The European Union approved on Friday new sanctions against Russia over its war on Ukraine, the EU foreign policy chief said.
“The message is clear: Europe will not back down in its support for Ukraine. The EU will keep raising pressure until Russia ends its war,” Kaja Kallas said, adding that the measures amount to “one of its strongest sanctions packages against Russia to date” linked to the war. It comes as European countries start to buy US weapons for Ukraine to help the country better defend itself.
The European Commission, the EU’s executive branch, had proposed to lower the oil price cap from $60 to $45, which is lower than the market price to target Russia’s vast energy revenues. The 27 member countries decided to set the price per barrel at just under $48. A new import ban was also imposed in an attempt to close a loophole allowing Russia to indirectly export crude oil via a number of non-EU countries.
The EU also targeted the Nord Stream pipelines between Russia and Germany to prevent Russia from generating any revenue from them in future. Russian energy giant Rosneft’s refinery in India was hit as well.
On top of that, the new EU sanctions targeted Russia’s banking sector, with the aim of limiting the Kremlin’s ability to raise funds or carry out financial transactions. Two Chinese banks were added to the list.
Additionally on Friday, 105 more Russian ships were blocked from European ports, locks and from ship-to-ship transfers, bringing the total number of vessels now sanctioned to more than 400.
400
No. of Russian ships blocked from EU ports
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