The European Union is preparing its 18th sanctions package against Russia, aiming for broad new economic measures in response to the ongoing war in Ukraine.
According to sources cited by Bloomberg, the proposed measures include:
- Exclusion of more than 20 Russian banks from the SWIFT financial system
- Official ban on the Nord Stream gas pipeline
- Lowering the price cap for Russian oil from $60 to $45 per barrel
The European Commission is in consultations with member states to finalize the content and implementation timeline for these sanctions.
Targeting the Shadow Fleet and Military Support
The package also targets:
- Russia’s “shadow” fleet involved in bypassing sanctions
- Companies supporting the Russian military with technology and logistics
Additionally, it proposes financial bans on about 20 more Russian banks and trade restrictions worth approximately €2.5 billion.
G7 and Allied Pressure
The United States and the United Kingdom have urged G7 nations to support the new oil price cap to intensify pressure on the Kremlin’s war finances.
Blacklisted Entities and Sanctions Evasion
The updated blacklist includes:
- 45 companies and individuals aiding the Russian military
- 31 additional entities accused of helping circumvent existing sanctions via third countries such as Turkey, Serbia, and the United Arab Emirates
This new package reflects the EU’s continued commitment to economic pressure on Russia, aligning with its allies to counteract sanctions evasion and support for aggression.
