The European Union has approved one of the strictest anti-Russian sanctions packages, the 18th in a row, European diplomacy chief Kaja Kallas reported on her “X” page. The European Union has approved one of the most stringent anti-Russian sanctions packages, the 18th in a row, European diplomacy chief Kaia Kallas reported on her X page.
“We are further reducing the Kremlin’s military budget, imposing restrictions on another 105 ships of the shadow navy and their support assets, and restricting access to financing for Russian banks,” she wrote.
The new sanctions include a ceiling on Russian oil prices of up to $47.6 per barrel, Reuters reports, citing a Danish diplomat, as well as blocking the Nord Stream gas pipeline.
In addition, according to Kallas, the new EU sanctions are aimed at several Chinese banks that assist Moscow in circumventing restrictions, as well as blocking the export of technologies used to produce drones. The sanctions will also apply to India’s Rosneft, which operates the oil refinery, the principal foreign subsidiary of the largest Russian oil company.
The new ceiling on the price of oil from Russia will not be fixed, but rather floating, Reuters sources reported earlier: its level will be 15 percent lower than the average price of the previous three months. The ceiling will also be reviewed every three months. These measures can put significant pressure on the Russian economy, and, first and foremost, on federal budget revenues.
According to new estimates, the new price ceiling could deprive the treasury of 1.5 trillion rubles in oil and gas revenues, or every fifth ruble of the amount pledged for the current year.
As part of banking sanctions, 22 more banks will be disconnected from the SWIFT international payment system.
