The European Commission today proposed a new package of sanctions against Russia due to its invasion of Ukraine. This comprehensive package aims to significantly reduce Moscow’s revenues from energy, cripple its banking sector, and undermine its military industry.
Among the key proposals, the Commission suggests prohibiting transactions with Russia’s Nord Stream gas pipelines and extending restrictions to banks involved in circumventing previous sanctions.
During a press conference, Commission President Ursula von der Leyen underscored the severity of the situation: “Russia’s goal is not peace; it is to impose the rule of force… force is the only language Russia will understand.“
The new proposal includes adding 22 more Russian banks to the sanctions list and expanding existing restrictions, including a complete ban on financial transactions, beyond what has already been done with their removal from the SWIFT system. The measures also encompass third-country banks and the Russian Direct Investment Fund (RDIF), along with its subsidiaries and broader network.
In another significant step, the Commission has proposed reducing the price cap on Russian crude oil from $60 per barrel to $45 per barrel. This aims to further diminish Russia’s energy revenues. Von der Leyen noted that this price cap would be further discussed during a G7 leaders’ meeting in Canada next week.
The package also includes adding Russian ships to the sanctions list, bringing the total number of targeted vessels to over 400, and banning the import of refined products from Russian oil.
“With this measure, we want to prevent Russian oil from reaching the EU market through alternative routes,” von der Leyen concluded.
