EU Plans New Sanctions Package Against Russia
The webangah News Agency, citing bloomberg, revealed that the EU is evaluating measures too further restrict Russia’s financial and energy sectors.The proposed sanctions include removing additional Russian banks from SWIFT, reducing the G7-imposed price cap on Russian crude oil to approximately $45 per barrel, and prohibiting transactions linked to the Nord Stream pipelines.
The European Commission—the EU’s executive arm—plans to propose these measures as part of its latest sanctions package. The bloc is also reviewing fresh trade restrictions targeting over 20 banks and new commercial bans worth around $2.84 billion.
According to Bloomberg, these steps aim to further diminish Russia’s revenue streams and limit its access to technologies critical for weapons production. However, no final decision has been made regarding implementation timelines. EU sanctions require unanimous approval from member states and may undergo revisions before formal adoption.
The EU first imposed a ban on seaborne Russian oil imports in 2022. Later, the G7 nations, alongside the EU and Australia, set a $60-per-barrel price cap on maritime shipments of Russian crude for vessels under their jurisdiction. Similar restrictions where extended in 2023 to cover petroleum products imported from Russia.
