The European Union is working on its 18th package of sanctions against the Russian Federation, which is expected to include sweeping financial and energy restrictions. According to agency sources, the European Commission is holding consultations with member states on the potential disconnection of over 20 Russian banks from the SWIFT international payment system. At the same time, a reduction in the price cap on Russian oil to around $45 per barrel is under consideration. The current ceiling stands at $60 and any adjustment would require support from the United States, reports the Baltimore Chronicle, citing Bloomberg.
The new sanctions package may also include a ban on the Nord Stream pipelines, signaling Europe’s clear stance against resuming supplies of Russian pipeline gas. Additionally, the EU is discussing new trade restrictions worth approximately €2.5 billion, aiming to further curb Russia’s revenues and limit its access to critical technologies for weapons production.
The EU also aims to target Russia’s “shadow fleet” of tankers that bypass sanctions. Further financial sanctions are being considered against banking institutions that support Russia’s military activities, as well as the Russian Direct Investment Fund.
Moreover, the new package will likely include provisions to protect European companies from arbitration lawsuits under bilateral investment agreements.
Closed-door consultations on these measures are scheduled for May 23. Meanwhile, the United Kingdom has urged its G7 partners to support the reduction of the oil price cap on Russian exports, stating this move is necessary to increase economic pressure on the Kremlin.
Earlier we wrote that EU mobilizes €150 billion for investments in partner nations.