EU adopts eighth sanctions package against Russia, including oil price cap

6 October 2022, 04:57 PM
ЄС ухвалив восьмий пакет санкцій проти країни-агресора (Photo:REUTERS/Yves Herman)

ЄС ухвалив восьмий пакет санкцій проти країни-агресора (Photo:REUTERS/Yves Herman)

The European Union has adopted an eighth package of sanctions against Russia in response to its full-scale invasion of Ukraine, the European Commission reported on Oct. 6. 

In particular, the sanctions package features a ban on the transportation of oil to third countries at a price above a newly established price cap.

The new restrictions come following Russia’s claimed annexation of occupied Ukrainian territories, the mobilization of additional troops, and open nuclear threats coming from the Kremlin.

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According to the European Commission, the package lays the groundwork for the necessary legislative framework to introduce a cap on Russian oil prices.

The eighth package also includes:

•   sanctions against individuals and legal entities involved in the sham “referendums” and illegal annexation of Donetsk, Luhansk, Kherson, and Zaporizhzhia oblasts, as well as officials and military of the Russian defense sector, companies supporting the Russian army, and propagandists;

•   export restrictions: coal, including coking coal, specific electronic components, technical items used in the aviation industry, certain chemicals, small arms, etc.

•   additional import restrictions worth almost 7 billion euros: ban on imports of Russian steel products, plastics, vehicles, etc;

•   a ban on the transportation of oil to third countries at a price above a pre-set limit;

•   a ban on the provision of financial, legal and IT services to Russian companies and a ban on the provision of crypto wallets, accounting and storage services for crypto assets, regardless of the amount.

•   A prohibition for EU citizens to hold positions in the governing bodies of certain Russian state-owned enterprises.

In early September, the G7 countries reaffirmed their intention to cap prices for Russian oil, easing pressure on the energy market and reducing Moscow’s overall revenues.

On Oct. 5, Saudi Arabia and Russia were reported to be aiming to convince OPEC+ members to cut production by at least one to two million barrels per day.

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