EU announces Russian oil price cap in new sanctions plan
ECONOMICS 29 September 2022 - 16:20
The European Commission is proposing a price cap on Russian oil as part of its latest sanctions package against Moscow over its war with Ukraine.
The new package comes after the Kremlin's announcement on partial mobilization, annexation referendums in Russian-occupied areas of Ukraine and threats to use nuclear weapons.
The package also aims to punish the Russian steel industry and deprive the Kremlin's military of key technologies, according to a draft of the sanctions proposal, seen by POLITICO.
European Commission President Ursula von der Leyen and EU foreign affairs chief Josep Borrell announced the proposal on September 28.
"We do not accept the sham referenda nor any kind of annexation in Ukraine and we are determined to make the Kremlin pay for this further escalation," von der Leyen said in Brussels, referencing Moscow's attempt this week to hastily arrange votes in occupied territory and possibly give itself a flimsy pretext to claim the land.
"Our sanctions have hit Putin's system hard," she added. "They have made it more difficult for him to sustain the war. And we are increasing our efforts here."
The oil price cap was previously agreed to by G7 countries. The U.S. had been putting pressure on the EU to get the cap in place by December 5, when European sanctions banning seaborne imports of Russian crude come into force. Von der Leyen said she would publish the legal basis for this oil price cap, to reduce Russian revenues and stabilize the global oil market.
The sanctions — the EU's eighth package against Russia — included more measures against individuals assisting Vladimir Putin's war effort, as well as bans on trade in goods.
According to the sanctions proposal draft, the EU wants to bar the import of several steel products from Russia as a way to further strip the country's revenue sources.
The EU is also eyeing export restrictions as a way to weaken the Kremlin's military. The proposed export bans target semiconductors, aircraft and specific chemical substances crucial to the country's armed forces.
"The aim," von der Leyen said, is "to deprive the Kremlin's military complex of key technologies.”
But the products in line for sanctions are not all tools of war. A number of common household items also made the import ban list. "Beauty or make-up" is on there, as are "shaving" items and "personal deodorants." Soap, toilet paper, dental floss and vanity cases also made the cut.
The document also includes bans on Europeans providing architectural and engineering services for Russians and prohibits giving Russians legal or IT advice.
Another proposal bound to draw attention is a prohibition on EU nationals sitting on governing boards of Russian state-owned enterprises. The inclusion puts a spotlight back on former German Chancellor Gerhard Schröder. The ex-leader has held senior positions in a number of Russian energy firms since leaving office, including Nord Stream, Rosneft and Gazprom.
A smattering of individuals is also in line for sanctions, ranging from defence officials to musicians to arms dealers.
Caliber.Az
1
|
Poland suspends military drills following fifth soldier's death
27 March 2024 - 13:41
|
2
|
Syrian scenario for Armenia Russian, Israeli experts’ views for Caliber.Az
26 March 2024 - 17:27
|
3
|
Serbian president warns of difficult days ahead
27 March 2024 - 11:04
|
4
|
Global reactions to UNSC Gaza ceasefire resolution Diverse views, urgent action
27 March 2024 - 18:00
|
5
|
Vucic warns of Serbia's Council of Europe departure amid Kosovo debate Double standards alert
28 March 2024 - 12:13
|
Armenia conducts house-to-house searches in apartments, offices of nationalists
29 March 2024 - 12:09
Ombudswoman: World community should recognize events of 1918 as genocide of Azerbaijanis
29 March 2024 - 11:57
Global trade at risk as Washington faces policy failure
US-Houthi stalemate continues29 March 2024 - 11:46
Armenia blocks Kremlin propagandist’s talk-show
29 March 2024 - 11:34
Armenian prime minister faces dilemma amid Karabakh junta provocations
How will Pashinyan respond?29 March 2024 - 11:22
Azerbaijan’s ecology minister meets with Saudi energy companies
29 March 2024 - 11:13
Israeli strike kills 36 Syrian soldiers near Aleppo
Unprecedented attack29 March 2024 - 11:02
Poland to deploy troops to ensure security at Paris Olympics amid heightened alert
29 March 2024 - 10:53
European analyst: Armenia unlikely to secure NATO or EU membership
29 March 2024 - 10:42
Top UN court orders Israel to allow food and medical aid into Gaza
29 March 2024 - 10:31
Pundit questions Armenia's dependence on Western protection
29 March 2024 - 10:19
Presidential aide: Azerbaijan very pleased with China in field of global green transformation
29 March 2024 - 10:07
Azerbaijani officials deemed more professional than Armenian counterparts, claims blogger
29 March 2024 - 09:54
Great Return: Azerbaijan resettles 35 more families in Fuzuli amid restoration efforts
PHOTO29 March 2024 - 09:41
Armenian parliament speaker affirms EU membership goal
29 March 2024 - 09:27
Iranian top diplomat opposes military presence of third countries in Caspian Sea
29 March 2024 - 09:14
Azerbaijani, Armenian parliament speakers to meet again in mid-May amid peace talks
29 March 2024 - 09:00
Assault on Yerevan police station underlines risk of violent opposition to Armenia-Azerbaijan peace
Opinion by Commonspace.eu29 March 2024 - 08:45
Estonia must double defence spending to counter Russia - military chief
29 March 2024 - 07:00
Turkmenistan ready to diversify natural gas supplies to ECO countries - president
29 March 2024 - 05:00
Eurasianet: Armenian government grappling with border delimitation dilemma
29 March 2024 - 03:01
Iran displays advanced military might at international exhibition
PHOTO/VIDEO29 March 2024 - 01:00
Armenia’s exports to Russia raise concerns over sanctions circumvention
28 March 2024 - 23:00
Lavrov blames Armenian leadership for deliberately undermining relations with Moscow
28 March 2024 - 21:09
Turkish, Azerbaijani filmmakers unite for joint historical film Golden Train
28 March 2024 - 20:57
Japan looks to revive commercial aircraft development dreams
28 March 2024 - 20:45
CoE committee plans working visit to Armenia to assess regional dynamics
28 March 2024 - 20:41
Azerbaijan, OIC Youth Forum ink deal for Shusha 2024 program
28 March 2024 - 20:37
Ukraine drone strike hits Russian infrastructure - Belgorod governor
28 March 2024 - 20:29
EU mission in Armenia transitioning to NATO oversight
Russian Foreign Minister Lavrov28 March 2024 - 20:20
US buys 2.8 mln barrels of oil for strategic reserve
28 March 2024 - 20:14
Int’l program OIC Youth capital Shusha-2024 to host array of events - minister
28 March 2024 - 19:59
Iran oil & gas expo strategic nexus for domestic & global energy players
28 March 2024 - 19:59
Who is Mohammad Mustafa, Palestinian Prime Minister-designate?
28 March 2024 - 19:45
Shusha holds paramount significance for all Turkic states
OIC Youth Forum president28 March 2024 - 19:35
More than 20% of global oil refining capacity at risk, analysis finds
28 March 2024 - 19:29
Pakistan urges US for Iran gas pipeline waiver, calls project 'need of the hour'
28 March 2024 - 19:14
NYT: Russian group spread disinformation about Princess of Wales
28 March 2024 - 19:00
UN picks Saudi Arabia to lead women’s rights forum despite "abysmal" record
28 March 2024 - 18:49
Moroccan journalist advocates for truth in reporting on Azerbaijan
28 March 2024 - 18:36