EU wants to lower the price of Russian oil in the 18th package of sanctions
President Zelensky insists on a price of $30 per barrel
The European Union has presented another package of sanctions against Russia, which proposes lowering the price ceiling for Russian oil from $60 to $45 and banning the use of Nord Stream. Radio Liberty reports this.
"We propose to introduce a ban on transactions for Nord Stream 1 and Nord Stream 2. This means that no EU operator will be able to directly or indirectly participate in any transactions related to the Nord Stream pipelines. There is no going back to the past," said European Commission President Ursula von der Leyen.
The European Commission also proposes another restriction in the energy sector - lowering the oil price ceiling from $60 per barrel to $45. Von der Leyen pointed out that oil exports still account for a third of the Russian government's revenues: "We need to reduce this source of revenue. Limiting oil prices is a G7 coalition measure, so we will discuss at the G7 summit in Canada at the end of this or early next week how to act together."
The European Commission also proposes to add another 77 vessels to the blacklist of the shadow Russian fleet that transport oil in circumvention of the bans. There is also a proposal to ban the import of processed products based on Russian crude oil.
The European Commission also wants to expand the ban on the use of the SWIFT system to a complete ban on transactions, and apply it to 22 more Russian banks. The restriction would also apply to operators in third countries that finance trade with Russia in circumvention of sanctions.
Restrictions are also proposed to be imposed on the Russian Direct Investment Fund, thereby complicating the modernization of the Russian economy and strengthening its industrial base.
President Volodymyr Zelenskyy commented on the 18th package of sanctions from the European Commission. In an evening address, he stated:
"Russia's ability to continue the war is equal to its ability to sell their oil and bypass financial barriers. That is why it is necessary to limit the Russian tanker fleet, their technological capabilities for production and processing as much as possible, and to do everything possible to ensure that the price of Russian oil is lower than they can withstand".
He emphasized that effective sanctions should force Russia to seek peace.
"Each of the partners knows what price cap is needed - $30, no higher. Such a price level will mean real pressure on Russia - they should be forced to seek peace. They don't understand other motives there. I know that the partners are now discussing a compromise price. Enough compromises with Russia! Every such compromise is a postponement of peace. We ask for a real reduction in the price of Russian oil, that is, a real bringing the end of the war closer. And I especially want to thank those in the United States of America who are betting on force, in particular, on the power of diplomacy through sanctions," Zelensky added.
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