Russia, the EU launches new sanctions: from oil price caps. There is also the blacklist

The EU’s response to the Russian escalation has arrived. The European Commission has presented an eighth package of sanctions against Russia which includes a first introduction to a ceiling on the price of Russian oil, a new embargo on technological products useful to the Moscow military apparatus, a new list of individuals involved in the occupation of territories and the organization of farce referendums to be sanctioned and the banning of European citizens from participating in the boards of directors of Russian public companies. “We do not accept false referendums or any kind of annexation in Ukraine. And we are determined to make the Kremlin pay for this further escalation,” said European Commission President Ursula von der Leyen, announcing the package together with the EU High Representative. for foreign policy.

On the Russian oil price ceiling, it seeks to follow the agreement reached at the G7 in early September, which provides for “a total ban on services that allow the maritime transport of crude oil and petroleum products of Russian origin globally”, the unless crude oil and refined products are not purchased at or below the maximum price decided by the countries themselves. “This oil price cap will help reduce Russia’s revenues on the one hand and keep global energy markets stable on the other,” von der Leyen said. This is a first step because the details and the value of the ceiling will be decided by the Member States who have already started today to consider the proposal at ambassadorial level.

“Today, in this package, we are laying the legal groundwork for this oil price ceiling.” On December 5, the ban on transporting Russian maritime crude oil to the European Union will come into effect, while on February 5 the ban on refined products, as decided in the May sanctions package. Now it will be necessary to understand how this ceiling will integrate with the measures that the EU wants to pass as part of the emergency measures to reduce the cost of energy and face the shortage of supplies and that revolve around gas. Speeches that will be on the table of energy ministers on Friday. On the basis of what has been found, the Commission would also like to introduce a ceiling on the price of Russian gas, as well as a ceiling on the price of gas used in the production of electricity “at a level that helps to reduce electricity prices without leading to an increase in the consumption of electricity. gas”.

Returning to the eighth sanctions package, a new blacklist is finally added with people evading sanctions. “If they buy goods in the European Union, take them to third countries and then to Russia, it would be an evasion of our sanctions and these people could be sanctioned”, explained the Commission’s number one. Those “involved in the Russian occupation and illegal annexation of areas of Ukraine”, Russian authorities in Donetsk, Luhansk, Kherson and Zaporizhzhia, and “other Russian individuals who organized and facilitated the forgeries will also be affected. areas”. “Sanctions work – commented EU High Representative for Foreign Policy Josep Borrell – sanctions count, but they must be maintained over time and we must ensure they are not circumvented.” Today, EU ambassadors have begun to assess the Commission’s proposal, but in addition to a general consensus, member states would like to better understand the effects of capping the purchase price of Russian oil. The idea, however, is to adopt the package next week, perhaps at the permanent representatives meeting on Wednesday.

Source: IL Tempo