Kaja Kallas, High Representative for Foreign Affairs and Security Policy of the EU, has revealed details of the 18th package of sanctions against Russia.
She said that the EU is proposing to add another 77 ships transporting Russian oil to the sanctions list, as well as lowering the oil price cap from $60 to $45, which is lower than the market price.
In the banking sector, the EU plans to ban Swift messaging services and add 22 more Russian banks to the sanctions list.
Additionally, 22 companies, including some from China and Belarus, will face stricter restrictions on dual-use goods.
Kaja Kallas noted that Russia has lost tens of billions in oil revenue and the economy is shrinking.
Only in the month of May, the Russian sovereign wealth fund declined by $6 billion, from $42 billion to $36 billion USD, and it may run out of funds next year.
The European Union is expected to adopt the new package of sanctions on Russia around June 20th.
