European Union diplomats are close to finalising an 18th round of sanctions against Russia, with a key component being a revised, lower price cap on Russian oil, according to four EU sources.
Reuters reporting. In brief:
Slovakia had delayed the package due to concerns over phasing out Russian gas
has now agreed in principleThe package also includes:
A ban on transactions with Russia’s Nord Stream pipelines
Restrictions on financial networks helping Russia evade sanctions
New listings including a Russian-owned refinery in India, two Chinese banks, and a flag registry used by Russia’s shadow oil fleet
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The sanctions require unanimous support from all EU members. This effort is part of a broader push by the EU and UK to make the current G7-imposed $60 cap more effective, as falling oil prices have made the existing level less meaningful.
The formal agreement is expected Monday, ahead of a foreign ministers' meeting on Tuesday in Brussels for approval.
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