New Russia sanctions on oil trade and prices

New Russia sanctions on oil trade and prices

The European Commission on Wednesday (28 September) presented a proposal for the eighth package of sanctions against Russia due to Moscow’s escalating military aggression against Ukraine. Proposed measures include new trade restrictions and an oil price cap for third countries.

European Commission President Ursula von der Leyen said the latest package of sanctions aims to “make the Kremlin payfor escalating the war in Ukraine with what she called itfakeVoices in the Russian-occupied territories.

As part of this proposal, Ms Von der Leyen announced that the EU executive would “legal basisnecessary to contain oil prices, reduce Russia’s revenues and stabilize the global oil market.

The G7 had already agreed on such a cap, but EU member states are divided on the issue.

In the face of pressure from the United States to set up a mechanism by December 5, when the sea import ban on Russian crude oil comes into effect, the southern states in particular have resisted the move.

The proposal also includes new import bans on Russian products, which are expected to deprive Moscow of 7 billion euros in additional revenue, and on the export of key technologies used by the military, such as aviation equipment, electronic components and specific chemicals.

The sanctions package would also ban EU citizens from sitting on the boards of Russian state-owned companies.

«Russia should not benefit from European knowledge and know-howsaid Frau von der Leyen.

The most prominent case to date has been that of former German Chancellor Gerhard Schröder, who has faced criticism and lost benefits for his close ties to Russian state gas companies.

The EU executive’s proposed sanctions also include asset freezes and travel bans on those involved in the referenda held this week, but would also affect senior officials at Russia’s defense ministry.

«All those who support the Russian Armed Forces by supplying equipment and weapons, especially missiles and warplanes, and who take part in the recruitment of these 300,000 soldiersThat’s what EU chief diplomat Josep Borrell said to journalists in Brussels.

In addition, according to the proposal presented on Wednesday, people who help Russia to circumvent sanctions could also be punished.

The European Commission presented this proposal to the EU ambassadors on Wednesday.

It will then be submitted to EU member states, with EU ambassadors expected to assess the proposal at a meeting on Friday.

The sanctions package requires unanimity to be implemented.

Poland, the Baltics and Ireland had pushed for tougher measures in this latest round, including curtailing cooperation with Russia’s commercial nuclear sector.

Reference: www.euractiv.fr

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