The European Union has finalized its 18th sanctions package against Russia in response to the ongoing war in Ukraine, focusing on further damaging Russia's oil and energy sectors.
This new set of sanctions will lower the G7's price cap for crude oil to $47.6 per barrel, as reported by diplomats to Reuters.
EU foreign policy chief Kaja Kallas emphasized that this is one of the strongest sanctions yet, stating that the goal is to increase the costs for Russia until it ceases its aggression.
The package includes a ban on transactions related to 'Russia's Nord Stream gas' pipelines and targets the financial sector.
European Commission President Ursula von der Leyen expressed her approval of the agreement, highlighting its aim to strike at the core of Russia's military capabilities.
Additionally, the EU plans to blacklist over 100 vessels in Russia's "shadow fleet" and implement measures to prevent the reactivation of the defunct Nord Stream pipelines.
Other sanctions will affect a Russian-owned oil refinery in India and two Chinese banks, as the EU seeks to limit Moscow's international connections.
The sanctions also expand transaction bans with Russian banks and impose stricter controls on the export of dual-use goods that could be utilized in the conflict. EU ministers are set to formally adopt these new sanctions later today.