Politico: EU ambassadors agreed on the draft of the eighth package of sanctions against Russia

Oleg Panfilovych

The ambassadors of the countries of the European Union agreed on the project of the eighth package of sanctions against Russia.

This is reported by Politico.

In particular, the project of measures provides for the limitation of the price of Russian oil, which was previously agreed upon by the "Big Seven" countries. There is currently no decision on a specific price or price range for the future cap.

Malta, Greece and Cyprus, whose tanker fleets carry most of the Russian oil, are concerned about the impact of the oil price cap on their shipping industries. This led to some concessions to these countries. For example, the project mentions a European Commission monitoring system that would assess sanctions evasion practices, such as changing the flags of ships. If the European Commission detects "significant business losses" due to such evasion methods, it will "propose measures to mitigate" the impact of these methods.

The package also aims to hit Russiaʼs steel industry and deprive the Russian military of key technologies. It also provides for additional measures against persons who help the Kremlin to conduct military operations. In addition, the sanctions will prohibit EU citizens from joining the board of Russian state-owned enterprises.

  • At the beginning of September, the USA announced that the G7 countries would set a price limit for Russian oil by December 5. Countries want to see it at the level of $40-60 per barrel, which will seriously affect Russian revenues.
  • Against the background of the war, the USA and the EU are phasing out Russian fuel. The EU allocated half a year to abandon oil, and up to eight months to abandon petroleum products. Oil deliveries through pipelines have not yet been sanctioned.