Brussels: The European Union (EU) approved a new round of sanctions against Russia, announced by EU High Representative for Foreign Affairs and Security Policy Kaja Kallas. This marks the 18th set of punitive measures imposed by the EU, focusing primarily on Russian oil and gas exports.
According to Ghana News Agency, the sanctions include a significant provision to lower the price cap on Russian oil sold to third countries. Initially set at 60 U.S. dollars per barrel by the G7 in 2022, the new EU cap will start at 47.6 dollars. This change is designed to undercut the market rate by 15 percent, with the possibility of adjusting the cap in response to future oil price trends.
The package also includes measures to prevent the reactivation of the Nord Stream 1 and 2 gas pipelines in the Baltic Sea. These pipelines have been a focal point in the EU's strategy to limit Europe's dependency on Russian energy supplies.
Additionally, Kallas stated that the EU will target a Russian-owned oil refinery located in India with sanctions and blacklist over 100 vessels from Russia's so-called 'shadow fleet.' This fleet is believed to be primarily transporting Russian oil and circumventing EU sanctions.
The sanctions faced initial resistance from Slovakia, a country heavily dependent on Russian gas. However, Slovakia agreed to the package after receiving assurances from European Commission President Ursula von der Leyen to safeguard its energy interests.
