The European Union is approaching a critical decision on its 18th sanctions package aimed at Russia, according to reports from Reuters on July 13. This package, which will include a new price cap on Russian oil, is intended to further strain the Russian economy and isolate the country internationally. The measures are part of an ongoing effort to counter what the EU views as Russia’s aggression, particularly in the context of the conflict in Ukraine.
The proposed sanctions, according to sources within the bloc, are close to finalization. The new oil price cap is a significant element of the plan, designed to limit the revenue that Russia can generate from its oil exports. This could have far-reaching implications, potentially reducing Moscow’s ability to fund its military operations and stabilize its economy.
While the EU’s approach is largely consistent with its previous sanctions, the inclusion of the oil price cap marks a new phase in its economic warfare against Russia. The measures are expected to be implemented in the coming weeks, with discussions still ongoing to ensure broad support across member states. The ultimate goal of these sanctions is to exert pressure on Russia and discourage further aggression.