EU’s Strong Sanctions Against Russia
The European Union has reached an agreement on its 18th sanctions package against Russia due to its ongoing war in Ukraine. The focus of these measures is to deliver severe blows to Russia’s oil and energy industry.
Key Points of the Sanctions
The latest sanctions package will bring down the price cap for crude oil within the G7 to $47.6 per barrel. This move aims to put significant pressure on Russia’s economy.
“The EU has just approved one of its strongest sanctions packages against Russia so far,” stated the EU’s foreign policy chief, Kaja Kallas.
Kallas further emphasized, “We will continue increasing the costs, pushing Moscow towards halting its aggression as the only viable option.”
Among the restrictions imposed, the sanctions package prohibits any transactions associated with Russia’s Nord Stream gas pipelines and its financial sector.
European Commission President Ursula von der Leyen expressed her support for the agreement on the 18th sanctions package against Russia. She highlighted the impact by targeting key sectors like banking, energy, and military-industrial, along with implementing a new dynamic oil price cap.
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