EU Plans 18th Russia Sanctions Including SWIFT Bank Cuts, Oil Price Cap, Nord Stream Ban
EU Plans 18th Russia Sanctions Including SWIFT Bank Cuts, Oil Price Cap, Nord Stream Ban

EU Plans 18th Russia Sanctions Including SWIFT Bank Cuts, Oil Price Cap, Nord Stream Ban

News summary

The European Union is considering a new, comprehensive sanctions package against Russia, which includes disconnecting more than 20 Russian banks from the SWIFT international payment system, lowering the G7-set oil price cap from $60 to around $45 per barrel, and banning the Nord Stream gas pipelines. The package aims to further reduce Russia's revenue and limit its access to technology critical for weapons production, with additional trade restrictions worth approximately €2.5 billion also proposed. Germany has expressed support for including the Nord Stream pipelines in the sanctions, which would make it impossible to resume their operation. The European Commission is currently consulting with member states, and the final measures require unanimous approval before implementation. The proposed reduction in the oil price cap will require backing from the United States, which has so far refrained from imposing additional sanctions under former President Donald Trump. This new sanctions package would mark the EU's 18th set of measures since Russia’s invasion of Ukraine in 2022, reflecting continued efforts to pressure Moscow to end the conflict.

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71639883-fbbd-48af-8cc3-393f63e7b2efdaae85f0-2883-42fc-b085-888140adf30d813f7e30-3236-487b-95e1-6bf60d395e10
Left 67%
Center 33%
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Last Updated
16 hours ago
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