The European Commission is proposing to reduce the ceiling for the price of Russian oil from the current $60 per barrel to $45. This was announced by EC President Ursula von der Leyen, emphasizing that the goal is to increase economic pressure on Russia due to the lack of any signs of readiness to achieve peace in Ukraine, BTA reports.
According to her, nearly a third of the Russian state budget is still formed from revenues from the sale of fuel. In response, Von der Leyen announced a new package of sanctions, including a complete ban on imports into the EU of products made from Russian crude oil.
The proposal also includes:
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a ban on all transactions with Russian banks already included in the European sanctions lists,
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an extension of these lists to 22 more Russian financial institutions,
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applying the sanctions to countries outside the EU,
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a complete ban on all transactions related to the Nord Stream gas pipeline.
“There is no turning back“,“the Commission President stressed. She also proposed that the Russian Direct Investment Fund, its subsidiaries and all ongoing projects be covered by European restrictions.
“This war must stop. Russia must enter negotiations with a real and serious offer“, said von der Leyen. According to her, the Kremlin is not seeking peace, but the imposition of the “right of might“.
“We want peace in Ukraine. But despite all diplomatic efforts and Ukrainian President Volodymyr Zelensky's offer of a ceasefire, Russia continues to bring destruction and death“, she added.