EU Imposes Unprecedented Sanctions on Russia Amid Ongoing Ukraine Conflict

On July 18, European Union nations approved a significant new sanctions package targeting Russia in response to its ongoing aggression in Ukraine. This marks the 18th round of economic measures imposed against Russia since its invasion in 2022. The approval came after Slovakia lifted a week-long blockade, reaching an agreement with Brussels concerning separate plans to phase out Russian gas imports. Slovakia's leader, Robert Fico, changed his stance following assurances from the EU regarding gas pricing as Europe aims to cease Russian imports by the end of 2027. The sanctions package is described by EU foreign policy chief Kaja Kallas as one of the strongest yet, stating, 'Each sanction weakens Russia's ability to wage war.' Kallas emphasized that the EU will persistently ramp up pressure until Russia brings its military actions to a halt, reinforcing the bloc's unwavering support for Ukraine. France's Foreign Minister Jean-Noel Barrot declared the newly approved sanctions as unprecedented. He expressed on social media platform X that in coordination with the United States, there would be efforts to compel Russian President Vladimir Putin into a ceasefire. A central component of the new sanctions includes a reduction of the price cap on Russian oil exports to third countries, now set to be 15% below the current market value. This move comes despite insufficient support from U.S. President Donald Trump to align with the proposal. Under the adjusted scheme, anticipated to gain backing from G7 allies such as Britain and Canada, the price cap will commence at $47.60 per barrel and remain flexible based on future oil price fluctuations. This cap, a G7 initiative established to curtail Russian oil revenue, aims to limit the profitability of Moscow's oil trade with nations including China and India. Further measures incorporated in the sanctions include the blacklisting of over 100 vessels identified within Russia's shadow fleet, utilized to circumvent existing oil export restrictions. There's also a directive to prevent the resumption of the defunct Baltic Sea gas pipelines, Nord Stream 1 and 2. In addition to these measures, sanctions will target a Russian-owned oil refinery in India and restrict dealings with two Chinese banks, meant to diminish Russia's relationships with foreign partners. Moreover, there is an expanded ban on transactions with Russian financial institutions and enhanced export limitations on goods that could be utilized for military purposes in the conflict. The European ministers are set to formalize the approval of these new sanctions later on Friday. As the situation continues to unfold, these measures reflect Europe's commitment to maintain economic pressure on Russia, ultimately aiming to bring about an end to the ongoing conflict in Ukraine. Related Sources: • Source 1 • Source 2