The European Union has adopted comprehensive sanctions against Russia aimed at disrupting its war efforts in Ukraine. These sanctions, described by EU Commission President Ursula von der Leyen as targeting the core of Russia's war machine, include imposing a dynamic price cap on Russian oil set at 15% below market value. Additionally, the EU has banned transactions via Nord Stream pipelines, imposed import bans on refined petroleum products derived from Russian crude, and targeted additional banks and shipping vessels. Export restrictions on dual-use technologies impacting several entities, including those from China and Turkey, have also been enforced.
The EU has set a dynamic price cap on Russian oil at 15% below the average market value from $60 to $47.6.
The EU sanctioned Russia's energy, banking and military sectors with measures that were hailed as "unprecedented" by France's top diplomat.
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