EU Intensifies Pressure on Russian Economy with New Sanctions Package

The European Union is intensifying pressure on the Russian economy by advancing plans for its 21st sanctions package. According to a report, the proposal includes a plan to temporarily freeze the price cap on Russian oil at its current level of $44.10 per barrel.

This move aims to prevent Moscow from benefiting from the recent surge in global oil prices due to the ongoing war. The European Commission is considering this measure to limit Russia's ability to generate additional revenue from the current market conditions.

In addition to the oil cap freeze, the new sanctions package targets third-country institutions used by Russia to evade existing restrictions. These include banks, oil traders, refineries, and crypto operators. The proposal also seeks to add about 20 new targets to the sanctions list and extend restrictions to ships carrying LNG.