The European Union has announced a new set of sanctions against Russia, marking the 18th package aimed at increasing pressure on Moscow amid ongoing hostilities in Ukraine. The announcement was made by President Ursula von der Leyen alongside High Representative Josep Borrell Fontelles.
President von der Leyen began her statement by expressing condolences over recent tragic events in Graz, Austria. “I was devastated by the news this morning,” she said, referring to the loss of innocent lives. She extended thoughts to affected families and praised emergency services for their efforts.
Turning to the sanctions, von der Leyen stated that despite diplomatic attempts and an offer from Ukrainian President Zelensky for an unconditional ceasefire, Russia continues its aggressive actions. “Russia’s goal is not peace; it is to impose the rule of might,” she remarked.
The sanctions target two main sectors: energy and banking. A transaction ban is proposed for Nord Stream 1 and Nord Stream 2 pipelines, prohibiting EU operators from engaging in related transactions. Additionally, there is a proposal to lower the oil price cap from $60 to $45 per barrel as part of a G7 coalition measure aimed at reducing Russian government revenues from oil exports.
In the banking sector, restrictions will limit Russian banks’ ability to raise funds and conduct transactions. This includes transforming an existing SWIFT system prohibition into a full transaction ban affecting 22 additional Russian banks. The sanctions extend to financial operators in third countries circumventing these measures and target the Russian Direct Investment Fund.
Further export bans worth over €2.5 billion are also proposed, depriving Russia of critical technology and industrial goods necessary for weapon production.
Von der Leyen emphasized that these measures aim to enforce compliance with existing sanctions more effectively. “Putin’s ability to sustain the war very much depends on the support he receives from third countries,” she noted.
The EU reiterates its call for a full ceasefire lasting at least 30 days as a step toward peace negotiations.
Paula Pinho serves as Chief Spokesperson for further inquiries about this announcement.
