EU proposes new Russia sanctions including oil price cap on latest ‘escalation’ in Ukraine

The EU executive on Wednesday proposed a new round of sanctions against Moscow for its latest “escalation” in Ukraine, including an oil price cap and a seven billion euro ($ 7 billion) embargo on Russian exports.

It also plans to expand its travel blacklist and asset freeze to include senior Russian defense officials and organizers of widely ridiculed annexation votes in the occupied Ukrainian territories.

“Last week, Russia stepped up its invasion of Ukraine to a new level,” said European Commission President Ursula von der Leyen.

It lists the “fake” referendums organized by Russia in the occupied territories of Ukraine, the military mobilization of Moscow and the “threats to the use of nuclear weapons” by President Vladimir Putin.

“We are determined to make the Kremlin pay for this new increase,” von der Leyen said.

As part of the new round of sanctions – which must be signed by all 27 countries in the bloc – the Commission is preparing a “legal basis” for a cap on Russian oil prices, in accordance with a G7 agreement.

It will also consider imposing sanctions on $ 7 billion of Russian exports and importing goods from the European Union that could help the Russian war machine.

“The goal here is to deprive the Kremlin military complex of key technologies,” von der Leyen said.

“For example, this includes additional aviation items or specific electronics and chemicals.”

The proposal includes a ban on Europeans from sitting on the boards of directors of Russian state-owned companies.

EU foreign policy chief Josep Borrell said those on the blacklist will also include those who help Moscow evade sanctions.

The blockade has already imposed seven unprecedented waves of sanctions on Moscow since it invaded its pro-Western neighbor in late February.

The European Union already decided in May to impose sanctions on most of the oil entering the blockade from Russia with full effect in December.

The push for an oil price cap aims to limit the amount that third countries like China and India pay for Russian crude.

To achieve this, this would include restrictions on shipments by European companies and the guarantee of Russian oil shipments to the rest of the world.

The Baltic states, Ireland and Poland have pushed for stricter measures in this latest round, limiting cooperation with Russia’s commercial nuclear sector.

However, the move was rejected by member states, worried about further tensions on energy supplies as Europe faces a crisis caused by Russian cuts this winter.

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