The European Commission is pushing for new sanctions against Russia, primarily lowering the existing oil price cap from $60 to $45 per barrel. This 18th round of sanctions also includes transaction bans on the Nordstream pipelines and aims to prevent Russian oil supply resumption. Additionally, 22 Russian banks face disconnection from SWIFT, with further restrictions on a large number of vessels linked to Russia's shadow fleet. The proposals are slated for discussion among EU members and anticipated support from G7 leaders at their summit in Alberta, Canada.
Oil exports still represent one-third of Russia's government revenues. We need to cut this source of revenues," European Commission President Ursula von der Leyen told a news conference in Brussels on June 10.
The cap change is necessary since the price of oil has dropped so much "that the effectiveness of the cap is to be questioned, and therefore we all want to lower the oil price from $60 per barrel down to $45 per barrel."
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