The European Union on Friday signed an agreement pertaining to a new sanctions package on Russia over the war in Ukraine, aimed at targeting Russia’s oil and energy industry, AFP reported. The 18th round of sanctions would lower the G7's price cap for crude oil to $47.6 per barrel.
"The EU just approved one of its strongest sanctions package against Russia to date," EU's foreign policy chief Kaja Kallas said on X. "Each sanction weakens Russia's ability to wage war. The message is clear: Europe will not back down in its support for Ukraine. The EU will keep raising the pressure until Russia ends its war,” she added.
The sanctions were approved after Slovakia decided to phase out Russian gas imports. As the Union plans to cut off Russian oil imports, Slovakia pulled out its block after what it called as “guarantees” from Brussels over gas prices.
"I welcome the agreement on our 18th sanctions package against Russia. We are striking at the heart of Russia's war machine. Targeting its banking, energy and military-industrial sectors and including a new dynamic oil price cap," wrote European Commission President Ursula von der Leyen on X.
France has asserted that the new sanctions would force Russia to consider a ceasefire. Foreign Minister Jean-Noel Barrot said on X that “together with the United States we will force (Russian President) Vladimir Putin into a ceasefire”, adding the new sanctions — which include a lower price cap on Russian oil exports — were “unprecedented”.
As part of the new sanctions designed to sap Russia's war chest, diplomats said the EU has agreed to lower its price cap on Russian oil exported to third countries around the world to 15 percent below market value, AFP reported.
