The sanctions package, delayed earlier due to a veto from Slovakia, was finalized following negotiations with Brussels over plans to phase out Russian gas imports. It includes a sharp reduction in the G7’s oil price cap on Russian crude, cutting it from $60 to $47.6 per barrel, aiming to restrict Russia’s oil revenue.
For the first time, the EU is sanctioning a Russian-owned oil refinery operating in India, and two Chinese banks accused of facilitating the circumvention of earlier sanctions. Additionally, the bloc introduced expanded export bans valued at over €2.5B, covering a wide range of industrial materials and dual-use technologies that could support Russia’s arms manufacturing, including drones and missile systems.
The package further includes measures targeting individuals and institutions involved in the forced indoctrination of Ukrainian children in Russian-occupied territories.
On Friday, the European Union adopted its 18th sanctions package against Russia, introducing some of the toughest economic measures to date in response to Moscow’s ongoing war in Ukraine. The announcement came as the Russian Defense Ministry reported downing over 70 Ukrainian drones overnight across its territory and in surrounding waters.
Most of the drones were reportedly downed over southwestern regions, 31 were shot down over Bryansk, 17 over Oryol, and 10 over the Moscow region, including three that attempted to reach the capital. Additional drones were intercepted over the Sea of Azov and the Black Sea.
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