EU approves one of its "strongest" sanctions packages against Russia

The European Union has finally approved one of its "strongest" sanctions packages against Russia, which includes lowering the price cap on crude oil.

Source: the Council of the EU, as reported by European Pravda

Details: On Friday 18 July, the Council adopted the 18th package of economic and individual restrictive measures, which will target Russia’s energy, banking and military sectors, as well as its trade with the EU.

Additionally, the Council complemented this package by agreeing on further measures concerning Belarus.

The sanctions package consists of 55 listings: 14 individuals and 41 entities. The total number of sanctioned individuals has now exceeded 2,500.

Kaja Kallas, EU High Representative for Foreign Affairs and Security Policy, described this sanctions package as one of the "strongest" imposed on Russia.

Quote: "Each sanction weakens Russia's ability to wage war. The message is clear: Europe will not back down in its support for Ukraine. The EU will keep raising the pressure until Russia ends its war." 

Background:

• The Council approved the sanctions package shortly after it was endorsed by EU ambassadors on Friday morning. This became possible after Slovakia and Malta withdrew their objections.
• The package imposes sanctions on 105 vessels from Russia’s shadow fleet, lowers the price cap on Russian oil and targets banks and companies outside Russia that support its war effort.

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