EU unveils 18th sanctions package to curb Russia's energy and military revenues

The European Commission has put forward an 18th package of sanctions against Russia, aiming to further weaken Moscow’s energy sector, military industry and banking sector, Commission President Ursula von der Leyen said on Tuesday.

The proposed measures include banning transactions with Russia’s Nord Stream gas pipelines and cracking down on banks that help circumvent existing sanctions. “Russia’s goal is not peace, it is to impose the rule of might … strength is the only language that Russia will understand,” von der Leyen said at a news conference.

The Commission also seeks to lower the G7 price cap on Russian crude oil from the current $60 per barrel to $45 in a bid to slash Russia’s energy revenues. Von der Leyen added that this oil price cap would be discussed at a G7 meeting later this week. “My assumption is that we do that together as the G7,” she said.

The package also proposes adding more vessels involved in Russia’s shadow fleet to the sanctions list, alongside oil trading companies. “The next round of EU sanctions against Russia will target Russia’s energy revenues including the shadow fleet, its military industry and its banking sector,” added EU foreign policy chief Kaja Kallas.

EU countries will begin debating the proposal this week.