Europe imposes new sanctions on Russia, including oil and Nord Stream

The European Union has reached an agreement on the 18th package of sanctions against Russia, which includes measures aimed at tightening restrictions on the oil and energy sectors.

Reuters quoted diplomats as saying that the new package includes reducing the price cap for Russian crude oil, set by the Group of Seven industrialized nations, to $47.60 a barrel.

“The European Union has just adopted one of the strongest packages of sanctions on Russia to date,” said EU foreign policy chief Kaya Kallas.

“We will continue to raise the costs, so stopping the aggression is the only way for Moscow to move forward toward lifting sanctions.”

The package also includes a ban on transactions related to Russia’s Nord Stream gas pipeline, in addition to restrictions on the Russian financial sector.

European Commission President Ursula von der Leyen said: “I welcome the agreement on the 18th package of sanctions against Russia. We are hitting the Russian war machine at its core, targeting its banking, energy, and military industries, with measures that include a new oil price cap.”