The approved measures restrict Russian banks’ access to transactions, target 105 “shadow fleet” ships used to evade sanctions and ban any transactions related to the Nord Stream pipelines.
Most significantly, diplomats also approved a dynamic price cap on Russian oil set 15 percent below the average market price of Russian crude, effectively lowering the cap from $60 per barrel, to about $47.6.
“This decision is essential and timely, especially now, as a response to the fact that Russia has intensified the brutality of the strikes on our cities and villages,” said Ukrainian President Volodymyr Zelenskyy.
The latest package of Russia sanctions, the 18th for the EU since Russia launched its full-scale invasion of Ukraine in 2022, was proposed a month ago but stalled by Slovakia, which demanded Brussels drop its separate plan to phase out Russian gas to lift the veto.
After weeks of negotiations and mounting public pressure on Bratislava, Fico signaled Thursday evening that he would drop his veto in exchange for obtaining written guarantees from the Commission this week to mitigate potential energy price spikes and shortages — but the gas phase-out plan appears to proceed.
“The EU paved the way. Now it’s time for perfect storm — the U.S. Senate to vote on that Russia sanctions bill imposing crushing burdens on Russian economy and those fueling Russia’s war of aggression,” Lithuanian Foreign Minister Kęstutis Budrys wrote on X.