EU Activates 18th Sanctions Package Against Russia
(MENAFN) The European Union has activated its 18th sanctions package against Russia in response to the ongoing Ukraine conflict, focusing specifically on Moscow’s energy and banking sectors, the bloc confirmed. These new measures officially took effect following their publication in the EU’s Official Journal on Saturday.
The sanctions were agreed upon by all 27 EU member states on Friday, after Slovakia, which initially opposed the restrictions, secured assurances from the European Commission guaranteeing continued access to gas and oil supplies.
Key elements of the sanctions include prohibiting transactions with an additional 22 Russian banks and the Russian Direct Investment Fund (RDIF). The restrictions also ban the use of the Nord Stream gas pipelines, which have been non-operational since underwater explosions damaged them in 2022.
Anatoly Aksakov, head of the Russian parliament’s Committee on Financial Markets, told media on Friday that the new EU sanctions amount to mere “fluctuations of air” for Russian banks. He added that even medium and smaller financial institutions have been ready for the potential disconnection from Western SWIFT banking systems for quite some time.
Russian lenders Yandex Bank and Ozon Bank, both impacted by the sanctions, reported on Saturday that their business operations remain unaffected by the latest measures.
Additionally, the EU revised its price cap on Russian crude oil. The previous fixed rate of $60 per barrel was replaced with a dynamic system that maintains a 15% discount below the average market price, now triggered at $47.6 per barrel.
In an effort to tighten restrictions further, Brussels blacklisted 105 more vessels suspected of being part of a “shadow fleet” that transports Russian oil while circumventing EU sanctions. This brings the total number of tankers barred from EU ports and services to over 400.
European Commission President Ursula von der Leyen expressed support for the new sanctions, stating they will stay effective until the Ukraine conflict reaches a resolution.
Despite these actions, Russia has expressed willingness to negotiate peace with Kiev, accusing Ukraine and Western allies of avoiding efforts to find a lasting resolution to the crisis. Kremlin spokesperson Dmitry Peskov denounced the EU sanctions as “illegal,” asserting that Russia has already developed “a certain immunity” to their impact.
Legal Disclaimer:
MENAFN provides the
information “as is” without warranty of any kind. We do not accept
any responsibility or liability for the accuracy, content, images,
videos, licenses, completeness, legality, or reliability of the information
contained in this article. If you have any complaints or copyright
issues related to this article, kindly contact the provider above.
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
