EU Readies 8th Sanctions Package Against Russia
The EU proposed a new sanctions package on Russia -- its eighth -- following Russia's escalation of its invasion of Ukraine, the European Commission announced. The restrictions would ban European companies from shipping to third countries Russian oil above an internationally set price cap, add further listings of individuals and entities, and place new import bans on Russian goods.
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Speaking in Brussels Sept. 28, Commission President Ursula von der Leyen said the sanctions are needed, given the escalation of the invasion "to a new level." Russia carried out "referenda" in occupied areas in Ukraine, whereby local residents were coerced into expressing their support for Russia's occupation. Von der Leyen said these referendums, in addition to the mobilization of troops and Russian President Vladimir Putin's threat to use nuclear weapons, prompted the next sanctions package.
An element of the new sanctions package is import restrictions. While light on specifics, von der Leyen said that the move "will keep Russian products out of the European market and deprive Russia of an additional EUR 7 billion in revenues." The commission will also extend the list of goods barred from export to Russia with the stated goal of depriving Russia's military of key technologies. Goods included in the export ban are "additional aviation items, or electronic components and specific chemical substances," von der Leyen said.
The sanctions package further attempts to provide a legal basis for the oil price cap agreed to by the G-7 nations (see 2209020034). Despite the EU's promise of banning seaborne Russian crude oil by Dec. 5, von der Leyen recognized that certain countries still need Russian oil, leading to the imposition of the price cap. The new sanctions package will look to legitimize the move. Josep Borrell, the EU's top diplomat, said adding individuals and entities to the restrictions list will cover senior Russian ministry officials and individuals involved in carrying out the referendums.