The European Commission has proposed a new package of sanctions against Russia over the invasion of Ukraine. The package includes the legal basis for a price cap for oil imports from Russia and other import restrictions worth seven billion euros, Commission President Ursula von der Leyen said in Brussels on Wednesday. Now the EU countries must negotiate the proposal and decide unanimously.
“We are determined to make the Kremlin pay for the renewed escalation,” von der Leyen said of the mock referendum in Ukraine.
“Won’t accept mock referendums or any form of annexation”
The proposal for new sanctions is also a response to the partial Russian mobilization in the war against Ukraine and the mock referendums in the Russian-occupied Ukrainian territories. “Over the past week, Russia has taken another step toward escalating its war of aggression against Ukraine,” von der Leyen said. “We will not accept mock referendums or any form of annexation in Ukraine.”
The EU has already decided that from 5 December Russian crude oil may no longer be imported by sea. In addition, the G7 group of economically strong democracies has agreed in principle on a price cap for Russian oil, which should also apply to third countries. The goal is that Russia will earn less from its oil worldwide. In the future, Russia will be forced to sell oil to major buyers such as India at a significantly lower price.
Hungary, Cyprus and Greece on the brakes
“On the one hand, this oil price cap will help reduce Russia’s revenues and, on the other, keep global energy markets stable,” von der Leyen said. Countries such as Hungary, Cyprus and Greece had recently opposed such a price cap. Cyprus and Greece have large tanker fleets that carry oil.
According to von der Leyen, the other sanctions proposed on Wednesday also include a ban on EU citizens from serving on the executive bodies of Russian state-owned companies. Germany, in particular, had campaigned for this after ex-chancellor Gerhard Schröder had long served as chairman of the supervisory board of Russian oil company Rosneft. Former Foreign Minister Karin Kneissl (FPÖ) was also on the board of directors of the Russian oil company Rosneft, she resigned in May.
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.
