This is the European Union’s response to Russia’s illegal annexation of Donetsk, Lugansk, Kherson and Zaporizhzhya.
The 27 states of the European Union reached an agreement on Wednesday to approve the eighth package of sanctions against Russia, including a cap on the price of Russian oil. This is the European response after the annexation of four Ukrainian regions (Donetsk, Lugansk, Kherson and Zaporizhzhya) by Russia.
As confirmed by the presidency of the European Council, which currently corresponds with the Czech Republic, the twenty-seven at ambassadorial level reached a “political agreement” this morning to adopt the eighth round of sanctions against Russia.
The cap on the price of oil is that the transportation of Russian oil and its derivatives worldwide is only allowed if Russia can sell it at a price equal to or lower than the fixed price, so as to reduce its income with which it can finance the war in Ukraine and limit its impact on the energy crisis.
The G7 reached a political agreement in September to hedge Russian oil.
The EU will further restrict imports of Russian products. Likewise, it will ban the export of technology in the aviation, electronics and chemical sectors.
The ‘black list’ of private individuals and companies will also be expanded.
In any case, all the details of the eighth sanction package are not yet known.
European sources have indicated that the text should now be finalized so that the new restrictive measures can see the light of day on Thursday morning, before the informal summit of EU heads of state and government in Prague. They will be published in the Official Journal of the EU on the same day and enter into force.
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Source: EITB
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.
