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The European Union has reached an agreement on the 18th package of sanctions against Russia, which includes a series of measures aimed at further damaging the Russian oil and energy industry.
Diplomats told Reuters that the latest round of sanctions against Russia would lower the G7's maximum crude oil price to $47.60 per barrel.
What did the EU decide?
The EU today approved the 18th package of sanctions against Russia over its war in Ukraine, which foresees a reduction in the price of Russian oil that is allowed to be exported, diplomatic sources announced.
"We now have an agreement on a strong and effective 18th package of sanctions against Russia," a diplomat confirmed at the end of a meeting of EU ambassadors in Brussels this morning.
Slovakia, which had so far ruled out approving this new sanctions package, the 18th since Russia's invasion of Ukraine in February 2022, finally agreed to lift its veto after receiving guarantees.
Bratislava was using its veto to pressure the European Commission to guarantee its gas supplies, while the EU seeks to completely stop importing Russian gas by 2027.
The new sanctions foresee, among other things, a reduction in the maximum price of Russian crude oil, which is now set at just over $45 per barrel, 15% less than the average price of a Russian barrel on the market, according to these sources.
Previously, the limit was set at $60 per barrel, a price that was considered too high, given the current level of oil prices in the market.
"The European Union has just adopted one of the strictest sanctions packages against Russia to date," said the head of European diplomacy, Kaia Kalas, expressing her satisfaction.
If prices continue to fall in the market, the new mechanism will follow their movement with a margin of always 15%, in a system that is considered more flexible and effective than the previous one.
The EU "will continue the pressure until Russia stops its war," Kallas stressed.
What do Europeans hope for?
Europeans are always hoping for a recovery in the US, which has so far seemed less willing to set a new ceiling after the agreement reached at the G7 for a price of $60.
By setting a maximum price, the West hopes to limit the financial resources Russia has to continue its war against Ukraine.
According to Kalas, the $60 ceiling allowed for a 30% reduction in Russian oil revenues, which play a vital role in financing the conflict.
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