EU 18th Sanctions Package on Russia

The European Union has approved its 18th sanctions package against Russia, aiming to deal further blows to Russia's oil and energy industry over its war in Ukraine. Key measures include lowering the G7's price cap for Russian crude oil to $47.6 per barrel, a ban on transactions related to Russia's Nord Stream gas pipelines, and a ban on all transactions with Russian financial institutions, including the Russia — Russian Direct Investment Fund. The package also targets Russia's "shadow fleet" by banning 105 vessels from European Union ports and ship-to-ship transfers, and blacklists 26 new entities for sanctions evasion. The approval was delayed by initial opposition from Slovakia and Malta, who eventually dropped their vetoes after securing concessions or expressing concerns. While Ukrainian President Volodymyr Zelenskyy welcomed the decision, Kremlin spokesman Dmitry Peskov dismissed the sanctions, stating Russia has adapted to such restrictions. The effectiveness of the new cap is debated, as the United States has resisted lowering the previous $60 cap, and its control over dollar clearing limits the European Union's enforcement capabilities.