Espreso. Global

European Commission unveils 8th package of sanctions against Russia

29 September, 2022 Thursday
01:29

The 8th package of sanctions against the Russian Federation will include new bans on importing Russian products, limits on oil prices, and a ban on EU citizens joining the management bodies of Russian state-owned companies

The head of the European Commission, Ursula von der Leyen, wrote about this on Twitter.

"Russia has escalated the invasion of Ukraine to a new level. And we are determined to make the Kremlin pay the price for this further escalation. Today, we are proposing a new package of biting sanctions against Russia," she wrote.

According to her, the European Commission proposes to expand the list of EU sanctions against individuals and legal entities related to Russia's full-scale invasion of Ukraine. At the same time, it is planned to strengthen control over the attempts of the aggressor country to circumvent the sanctions imposed by Western countries.

In addition, the head of EU diplomacy, Josep Borrell, said that the EU is preparing sanctions against people who helped circumvent European restrictions against Russia. It can be not only citizens of the Russian Federation.

It is also planned to introduce new restrictions on trade with the Russian Federation, namely: to approve new sanctions on the import of Russian-made products, which will deprive the aggressor country of income in the amount of EUR 7 billion, and to expand the list of goods whose export to Russia will be prohibited (meaning the key technologies necessary for warfare).

Von der Leyen noted that the new package of sanctions included additional restrictions on the provision of European services and a ban on EU citizens holding management positions in Russian companies.

A legal framework for a price cap on Russian oil was also added to the package of restrictions.

"Some developing countries still need some Russian oil supplies, at low-prices. This cap will help reduce Russia’s revenues and keep global energy markets stable," the official clarified.

EU
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