EU Countries Adopt Four Sets Of New Sanctions on Russia Over Ukraine War

 

EU Countries Adopt Four Sets Of New Sanctions on Russia Over Ukraine War

The European Union has adopted four new sets of sanctions against Russia in response to its ongoing war in Ukraine. The 17th package of measures targets Moscow's "shadow fleet" of tankers, which are used to circumvent the G7 price cap on Russian crude oil. The price cap, set at $60 per barrel, aims to limit Russia's revenue from oil exports.

The new sanctions will affect over 130 entities and individuals, including major Russian oil firm Surgutneftegaz and several shadow fleet management firms. Additionally, 189 vessels, mostly oil tankers, have been added to the EU's blacklist, bringing the total to 324.

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The EU is also tightening restrictions on the sale of dual-use items that can be repurposed by Russia's military and has listed entities in China, Belarus, and Israel that support Russia's military industrial complex. The sanctions are part of the EU's efforts to reduce Russia's revenue from oil exports, which finances its war in Ukraine.

In a related move, the EU will push for a lower price cap on Russian oil during a meeting of G7 finance ministers in Canada this week. The EU has been engaging with countries that provide tanker registrations to prevent Russia from using "flags of convenience" to evade sanctions.