European Commission announces new proposals for sanctions on Russia

28 September 2022, 09:33 PM
Ursula von der Leyen (Photo:REUTERS/Yves Herman)

Ursula von der Leyen (Photo:REUTERS/Yves Herman)

The European Commission announced proposals for an eighth package of sanctions against Russia, which includes expanding the list of sanctioned persons, introduction of trade restrictions, and a cap on oil prices, the head of the European Commission, Ursula von der Leyen, announced on Sept. 28.

Among the key points proposed by the new package are: bans on the import of Russian products in the amount of EUR 7 billion, additional bans on the provision of European services, and a prohibition for EU nationals to sit on governing bodies of Russian state-owned companies.

In addition, the sanctions package proposes capping prices for Russian oil.

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“Some developing countries still need supplies of Russian oil at low prices,” Ursula stressed.

“This restriction will help reduce Russia's revenues and maintain the stability of global energy markets.”

EU High Representative for Foreign Policy Josep Borrell added that the EU will continue to adhere to the course it set regarding Russia.

“Our strategy is working and our sanctions are having a convincing effect,” Borrell said.

“Today we propose additional restrictive measures against those who support, facilitate or benefit from the invasion of Ukraine.”

On Sept. 14, Ursula von der Leyen said that EU sanctions against Russia for its full-scale invasion of Ukraine would remain.

The EU adopted the seventh package of sanctions against Russia on July 21, in which the imposed a ban on transactions with gold from Russia, including jewelry.

The EU also expanded the list of goods that can contribute to Russia’s military-industrial complex, strengthening export controls on dual-use goods and advanced technologies.

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