The newly adopted 18th package of EU sanctions against Russia includes a lowered price cap on Russian oil — down to $47.60 per barrel — and the EU is already preparing the next round of punitive measures.
This was reported on the website of the Estonian Ministry of Foreign Affairs, according to Ukrinform.
One of the central measures adopted in this package is lowering the price cap on Russian oil from $60 to $47.60 per barrel. From now on, the price cap will be reviewed every six months to ensure it remains 15% below the average market price.
“A price cap of $47.60 is not merely a technical limit — it is a political blow to Russia’s war machine. We are forcing Putin to sell oil below market price so that he feels more acutely what international isolation means,” said Estonian Foreign Minister Margus Tsahkna.
Additional sanctions include a ban on transactions related to the Nord Stream 1 and 2 gas pipelines and a prohibition on importing refined petroleum products made from Russian crude oil in third countries. In the financial sector, the previous measure of disconnecting Russian banks from SWIFT was replaced with a full transaction ban. Also, additional trade restrictions were imposed on goods and technologies used in Russia’s military industry. Measures against Belarus as a co-aggressor were also tightened.
The sanctions list was also expanded to include several individuals and entities: Russian defense industry companies; the captain of the tanker Jaguar and companies associated with the vessel; several third-country companies that facilitate the shadow fleet’s operations or supply Russia’s military industry.
Foreign Minister Tsahkna confirmed that work on the 19th sanctions package is already underway.
“We will not settle for halfway measures. Every new package strengthens our message: Ukraine is not alone, and Russia will not go unpunished,” Tsahkna stated.
As Ukrinform previously reported, on July 18, the European Union approved its 18th package of sanctions against the Russian Federation — described as one of the toughest to date.
Source: EU already working on next Russia sanctions package – Estonia's MFA
