Of . – 05/10/2022 10:55 (act 05/10/2022 11:10)
On Wednesday, EU countries launched an eighth package of sanctions against Russia. ©Portal/Dado Ruvic/Illustration (Subject)
On Wednesday, EU countries launched an eighth package of sanctions against Russia.
The EU has launched another sanctions package against Russia. On Wednesday, the permanent representatives of member states approved, among other things, legal requirements for a price cap on oil imports from Russia supported by the G7 countries. This was confirmed by several DPA diplomats in Brussels. The agreement still needs to be confirmed by the capitals in the written procedure. This must be done by Thursday morning.
EU countries agree to new sanctions package against Russia
European Commission President Ursula von der Leyen proposed the sanctions package midway through last week in response to Russia’s recent escalation in the war against Ukraine. “We do not accept false referendums or any kind of annexation in Ukraine,” said the German politician. Shortly afterward, Russian President Vladimir Putin declared four occupied Ukrainian territories as Russian territory. This step is not internationally recognized. EU heads of state and government also declared the decision null and void.
Export bans form part of Russia sanctions deal
Part of the basic agreement on the new sanctions against Russia are several export bans that affect certain key aviation technologies. In addition, there should be an import ban on certain steels from Russia. In the future, EU citizens will also be banned from holding positions in Organs executive bodies of Russian state-owned companies. In addition, there are also punitive measures against people who helped carry out the false referendums in the areas of Ukraine that have now been annexed by Russia. They are subject to entry bans and asset freezes.
Sanctions are designed to make Russia sell oil at lower prices
With the new sanctions package, EU states are also laying the groundwork for Russia to have to sell oil to big buyers like India at a much lower price than the current one. This is aimed at reducing Moscow’s income, which is also used to finance the war against Ukraine.
Russian oil price cap decided
The EU itself has already decided that from December 5th it will no longer be able to import Russian crude oil by sea into the European Union. Furthermore, the G7 group of economically strong democracies agreed in principle in early September on a price ceiling for Russian oil, which should also apply to third countries. The G7 includes the three EU countries Germany, France and Italy.
Oil transports from Russia only below a certain price
According to the G7 plans, maritime transport of oil products and crude oil from Russia will only be possible worldwide if the oil is purchased below a certain price. There is no concrete limit to this so far. This could work by linking important services, such as insurance for oil shipments, to compliance with the rule.
It is unclear whether Hungary would agree to new sanctions against Russia.
Above all, it was unclear whether Hungary would agree to new sanctions against Russia. Recently, Prime Minister Viktor Orban has repeatedly criticized punitive measures that had already been decided, although his government has supported the decisions – some with exceptions for his own country. On the other hand, countries like Cyprus and Greece were concerned because they have large fleets of oil tankers.