EU moves to impose new sanctions on Russia
The European Union has announced plans for sweeping new sanctions, including banning more than 20 Russian banks from SWIFT international payments, capping Russian oil prices, adn sanctioning the Nord Stream gas pipeline, according to a report by webangah News Agency.
Bloomberg cites unnamed sources familiar with the matter stating that the European Commission is consulting EU members to finalize these anti-Russia measures. The exact timing remains undetermined, with potential revisions still under negotiation.
The proposed sanctions require unanimous approval from all EU member states. Key measures include:
- SWIFT restrictions: Extending payment bans to 24 Russian banks.
- A €2.5 billion ($2.84 billion) trade embargo: Targeting Russia’s revenue streams and access to military technology.
the EU’s executive arm is also reviewing plans to:
- Curb oil revenues: Proposing a G7-backed price cap of ~$45 per barrel for Russian crude.
- Tighten energy sanctions: Blacklisting the Nord stream pipeline (destroyed in 2022).
The bloc continues efforts today to expand its list of sanctioned financial institutions as part of broader countermeasures against Moscow.
