An eighth package of sanctions against Russia, mainly promoted by Germany, also apparently includes a price cap for Russian oil. The proposals foresee that in the future Russia will have to sell to major customers such as India at a significantly lower price.
The hope is that this will ease the markets. In addition, it must also ensure that Russia no longer benefits from rising oil prices and can thus fill its war chest.
To maintain the price cap, important oil transportation services could be linked to price cap compliance. For example, it could be decided that Western insurance services for Russian oil shipments would not be subject to sanctions if the price cap is respected. There could be similar rules for shipping companies whose ships carry Russian oil.
Baerbock: maintain sanction pressure
German Foreign Minister Annalena Baerbock stressed on Wednesday that it is important for her country that the sanctions imposed because of the Russian war of aggression against Ukraine can be maintained in the long term – this is especially true on the energy issue. She alluded to the fact that other EU countries have been demanding for months to ban all energy transactions with Russia in order to deprive the state of an important source of revenue.
Due to the still great dependence on the Russian gas supply, this is rejected by, among others, Germany. It is also argued that such a measure could cause significantly greater economic damage in the EU than in Russia.
Source: Krone
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
