Extra sanctions on Russia: EU proposes ‘authorized foundation’ for oil ceiling

Extra sanctions on Russia: EU proposes ‘authorized foundation’ for oil ceiling

The European Commission proposed this Wednesday, 28, a new package of sanctions against russia to respond to the attempt to annex some regions of Ukraine, according to the organization’s president, Ursula von der Leyen, in a statement.

The package includes a “legal basis” for adopting the Russian oil price ceilingas well as new trade restrictions and sanctions on individuals and entities linked to the Kremlin.

According to von der Leyen, capping the price of oil exported by Russia would help stabilize the global energy market and reduce Russian revenue, while maintaining the country’s supply to “emerging countries” that need the oil.

On the proposed trade restrictions, von der Leyen said that Russia would no longer have access to more goods and services from European Union (EU), in particular “key technologies for the Russian war machine”, he said.

EU countries would also no longer be able to import some products that, together, amount to 7 billion euros in revenue for Russia, she said.

The proposed measures come after the Russia hold referendum with the aim of annexing the Ukrainian regions of Zaporizhzhia, Donetsk, Luhansk and Kherson.

According to EU High Representative (equivalent to a foreign minister), Josep Borrell, this tactic is the same one that was used by the Kremlin to annex regions of Georgia in 2008 and Crimea in 2014.

“We urge the international community to do the same,” the official said, after “condemning in the gravest terms possible” the actions of Vladimir Putin’s government.

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