The European Commission has proposed new sanctions on Russia, targeting energy, finance, and military sectors, while Russia extends its countermeasures until 2025. The proposal is still under debate within the EU.
On Tuesday, the European Commission – the EU's primary executive body – unveiled a new draft of sanctions targeting Russia. In response, Russia has moved to extend its countermeasures against these sanctions.
The European Union is set to begin discussions on the draft this week. If approved, this will mark the 18th round of sanctions the EU has imposed on Russia, focusing on energy, finance, and military sectors.
Regarding energy, the draft includes measures to prevent the reopening of the Nord Stream gas pipelines, which have been out of service. It also proposes adding more ships to Russia's "shadow fleet" used for transporting oil and gas, bringing the total to over 400.
Additionally, the draft suggests sanctions on about 70 old Russian oil tankers and a reduction in the G7-imposed price cap on Russian crude oil from $60 to $45 per barrel to curb Russia's energy revenues. Furthermore, it advocates a ban on importing refined oil products derived from Russian crude.
But Ukraine’s President Volodymyr Zelenskyy said it’s still not enough and he’s calling for a tougher cap of just $30 a barrel.
“It would force them to seek peace—because no other argument works," said Zelenskyy. "I know some partners are discussing compromise figures. But enough compromises with Russia. Every compromise delays peace. We are asking for a real reduction in the price of Russian oil. That is how we truly bring the war closer to an end.”
On the financial front, the draft recommends sanctioning 22 more Russian banks, expanding restrictions such as removal from SWIFT and a complete transaction ban. It also targets the Russian Direct Investment Fund, its subsidiaries, and its extended network.
In the military sector, the draft proposes sanctions on more companies allegedly aiding Russia’s military, aiming to hinder Russia’s military production capabilities.
European Commission President Ursula von der Leyen stressed that the EU, alongside other G7 nations, should work to persuade the United States to join in these sanctions to maximize their impact. She emphasized that the EU will continue pushing the U.S. for alignment during the G7 Leaders' Summit in Canada next week.
“My assumption is that we do that together as G7. We have started that as G7. It was successful as a measure from the G7, and I want to continue this measure as G7."
However, differences remain among EU members. Slovak Prime Minister Robert Fico voiced that Slovakia would not support the sanctions package unless the EU addresses practical energy issues. Hungary has also opposed or voted against EU sanctions and military aid to Ukraine on several occasions.
Meanwhile, in Moscow, Russian President Vladimir Putin signed a decree extending countermeasures on price caps for Russian oil and petroleum products until December 31, 2025. In 2022, the EU and G7 imposed a $60 per barrel price cap on Russian seaborne oil. In response, Putin banned the supply of Russian oil and petroleum products to any foreign company or individual engaging with this price cap mechanism, and he has since extended this decree multiple times.
As world leaders gather in New York for the 81st UN General Assembly, the organisation faces wars, displacement, climate pressures and deepening ge...
Iran's military has threatened to launch sustained attacks on U.S. bases and interests across the Middle East if Washington resumes milita...
Nearly 130,000 people have been forced from their homes in Yemen in recent weeks as fighting intensifies along the country’s west coast, acco...
Houthi attacks target Riyadh amid concerns over Saudi oil supplies, as Iran says it will not reopen the Strait of Hormuz until its conditions are met and U.S. commitments are implemented, parliament speaker Mohammad Bagher Ghalibaf said on Sunday.
Saudi civil defence sent an all-clear on Saturday after issuing alerts for a second time for potential danger in Riyadh and the city of Al-Kharj east of the capital, amid an uptick in attacks by Iran-aligned Houthis on the Gulf country.
The U.S. State Department approved a $2.7 billion military sale to Ukraine for air-defence development upgrades, along with related equipment and services, the department said. Meanwhile, Ukrainian authorities reported at least 10 people had died in Russian attacks over the last 24 hours.
Iran's military has threatened to launch sustained attacks on U.S. bases and interests across the Middle East if Washington resumes military action against Tehran.
The death toll from an overnight Russian attack on the Kyiv region rose to four, including three children, Kyiv regional authorities said on Sunday. A mother and her two 3-year-old children were killed when a Russian drone strike hit a private home, the emergency service said.
As world leaders gather in New York for the 81st UN General Assembly, the organisation faces wars, displacement, climate pressures and deepening geopolitical divisions.
Paris Saint-Germain president Nasser Al-Khelaifi is under preliminary investigation in France over a suspected conflict of interest linked to the 2024 sale of Ligue 1 broadcasting rights.
Overnight Russian strikes on the city of Sumy, northeast Ukraine, have killed one woman and injured a man, the country's State Emergency Service has said.
Russian parliamentary elections have delivered a comfortable win to the ruling United Russia party, which is closely aligned to President Vladimir Putin. With more than 95 per cent of ballots counted, United Russia has taken 57.83 per cent of the vote, up from the 49.8 per cent it won in 2021.
A powerful typhoon was approaching Japan’s Pacific coast on Monday, bringing torrential rain, strong winds and a heightened risk of landslides across the Kanto region, including Tokyo, the Japan Meteorological Agency said.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment