EU includes oil price cap in fresh package of sanctions

Brussels, Oct 5 (EFE).- The European Union on Wednesday reached an agreement on a new package of sanctions against Russia in response to the Kremlin’s annexation of four regions in Ukraine.

“Ambassadors reached a political agreement on new sanctions against Russia – a strong EU response to Putin’s illegal annexation of Ukrainian territories,” the Czech Presidency of the Council of the European Union wrote on Twitter.

“Written procedure follows, sanctions enter into force on publication in the Off. Journal,” the rotating presidency added.

The eighth package of sanctions will include an price cap which will allow Russian oil and its derivatives to be exported worldwide only if Moscow sells it at a price equal to or lower than the cap.

The measure aims to reduce Russia’s economy which it is using to finance its offensive on Ukraine as well as mitigate the energy crisis.

The G7 reached a political agreement in September to put a price cap on Russian oil, pending finalization of the measure in the coming months.

The new round of sanctions also bans European citizens from sitting on the boards of Russian state-owned companies.

In addition, the EU will sanction Alan Lushnikov, the largest shareholder of Russian arms manufacturer JSC Kalashnikov Concern, and artists and musicians who have participated in Kremlin propaganda events.

The EU has also agreed to sanction the leaders that Moscow appointed in the self-proclaimed People’s Republics of Donetsk and Lugansk, as well as the regions of Kherson and Zaporizhzhia in eastern and southern Ukraine.

Russia’s lower parliament on Monday ratified annexation treaties signed late last week by president Vladimir Putin with the pro-Russian leaders. EFE

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