EU approves 18th sanctions package against Russia
What's the story
The European Union (EU) has approved its 18th round of sanctions against Russia over the ongoing war in Ukraine. The new measures include a reduction of the price cap on Russian oil exports to third countries. The decision was finalized after Slovakia lifted its weeks-long block following negotiations with Brussels on separate plans to phase out Russian gas imports by 2027. Slovakia's Prime Minister Robert Fico withdrew his objections after obtaining "guarantees" from the EU over gas prices.
Sanctions details
Sanctions include price cap on Russian oil exports
EU foreign policy chief Kaja Kallas hailed the new sanctions as one of the strongest packages yet, saying, "Each sanction weakens Russia's ability to wage war. The message is clear: Europe will not back down in its support for Ukraine." The sanctions include a price cap on Russian oil exports starting at $47.60 per barrel, 15% below market value. This is a reduction from the G7-imposed $60-per-barrel cap introduced in 2022.
Additional measures
New sanctions blacklist over 100 tankers in 'shadow fleet'
The new sanctions also blacklist over 100 tankers in Russia's "shadow fleet" that are used to evade oil export restrictions. Other targets include a Russian-owned refinery in India and two Chinese banks allegedly helping Moscow circumvent sanctions. The EU is also expanding transaction bans with more Russian banks and tightening restrictions on exporting dual-use goods with potential military applications.
Support challenges
Trump yet to back lower oil price cap
While Britain and Canada are expected to back the new sanctions, EU allies have struggled to convince US President Donald Trump to support the lower oil price cap, per AFP. The package also includes measures to prevent the defunct Baltic Sea gas pipelines Nord Stream 1 and 2 from being brought back online. EU ministers are set to formally adopt these sanctions later on Friday.