EU announces Russian oil price cap in 8th round of sanctions

Standing side by side, Ursula von der Leyen and Josep Borrell announced that they did not intend to relent.

“We are determined to make the Kremlin pay the price for this further escalation,” said Wednesday, September 28 the President of the Commission, who, accompanied by the head of European diplomacy, announced a new package of sanctions against Russia. The eighth since the start of the war in Ukraine.

This one contextualizes Politico, “comes after the Kremlin’s announcement of a partial mobilization, the holding of annexation referendums in the regions occupied by Russia, and threats to use nuclear weapons”. In particular, it provides for a measure that attracted the attention of the European news site: the capping of the price of Russian oil.

“This mechanism had already been approved by the G7, indicates on its side The Republic, and its goal is to reduce Kremlin profits while keeping energy prices stable.”

The Italian daily then details the main other measures announced by the President of the European Commission:

“This eighth package notably includes the inclusion in the EU’s ‘blacklist’ of new ‘not necessarily Russian’ people who circumvent the sanctions.” The proposed sanctions also provide the extension of the list of products that can no longer be exported to Russia”, announces the Roman newspaper, quoting directly from von der Leyen.

“Deprive Russia of 7 billion euros”

According to the German politician, the aim of this last measure would be to “deprive the Kremlin military complex of key technologies, such as electronic components or specific chemical substances”.

Finally, new bans on imports of Russian products should be put in place, which, according to von der Leyen, should “deprive Russia of 7 billion euros in revenue”. This, when – and if – the 27 EU member states give the green light to these measures proposed by the Commission.

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