On July 18, the European Union implemented the 18th package of economic and personal sanctions against Russia.
With this package, the EU is reducing Russia’s income from energy exports through a variety of measures. The EU has lowered the price cap for crude oil from USD 60 to USD 47.6 per barrel, aligning it with current global oil prices. Oil exports still account for one-third of Russia’s government revenue.
The EU is also imposing further sanctions on the shadow fleet. An additional 105 vessels will be subject to a port access ban and a ban on a wide range of maritime transport-related services, bringing the total number of listed vessels to 444.
The European Union is also imposing a comprehensive ban on transactions involving Nord Stream 1 and 2, including the provision of goods or services. This measure prevents the completion, maintenance, operation, and future use of these pipelines.
Additionally, the EU has implemented a ban on the import of refined petroleum products derived from Russian crude oil, sourced from any country other than Canada, Norway, Switzerland, the United Kingdom, and the United States. This measure prevents Russia from accessing the EU market through alternative routes.
The EU has expanded the existing restrictions on providing specialized financial messaging services to certain Russian banks to a full transaction ban. This applies to an additional 22 Russian banks, in addition to the 23 banks already subject to the ban.
“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,” said Kaja Kallas, High Representative for Foreign Affairs and Security Policy and chair of the Foreign Affairs Council.
“The ban on the export of petroleum products produced from Russian crude oil to third countries seems dangerous. It all comes down to control here again. Without this, refining will continue, under the guise of oil from local sources or imported from outside Russia. India, which has become a major exporter of petroleum products from Russian oil, can send these products to Europe and the Middle East as well as other countries. Other countries’ intermediaries may also be involved, ” commented on the new sanctions package, Andrey Nechaev, first Minister of Economy of the new Russia from 1992 to 1993.
