EU targets Russian oil in new Ukraine war sanctions
The new measures were approved after Slovakia dropped a weeks-long block following talks with Brussels over separate plans to phase out Russian gas imports. Kremlin-friendly Slovakian leader Robert Fico — whose country remains dependent on Russian energy — dropped his opposition after getting what he called "guarantees" from Brussels over future gas prices.
France's Foreign Minister Jean-Noel Barrot called the latest moves "unprecedented" and said that "together with the United States we will force (Russian President) Vladimir Putin into a ceasefire". "We are keeping up the pressure on Russia", said German Chancellor Friedrich Merz. But the Kremlin said it would seek to "minimise" the impact and warned the measures would backfire on the EU.
As part of the new sanctions designed to sap Russia's war chest, the EU agreed to lower its price cap on Russian oil exported to third countries around the world, to 15 per cent below market value. That comes despite EU allies failing to convince Trump to go along with the plan. The cap is a G7 initiative aimed at limiting the amount of money Russia makes by exporting oil to countries such as China and India. Set at $60 a barrel by the G7 in 2022, it is designed to limit the price Moscow can sell oil around the world by banning shipping firms and insurance companies dealing with Russia to export above that amount.
The EU has largely already cut off its imports of Russian oil. Under the new EU scheme — which Brussels hopes will get G7 allies like Britain and Canada on board with — the new level will start off at $47.60 and can be adjusted as oil prices change in the future. EU officials admit that the scheme will not be as effective without US involvement.
In addition, officials said the EU is blacklisting over 100 more vessels in the "shadow fleet" of ageing tankers used by Russia to circumvent oil export curbs. There are also measures to stop the defunct Baltic Sea gas pipelines Nord Stream 1 and 2 from being brought back online in the future. Among other targets, sanctions will be placed on a Russian-owned oil refinery in India and two Chinese banks as the EU seeks to curb Moscow's ties with international partners.
There is also an expanded transaction ban on dealings with Russian banks and more restrictions on the export of "dual-use" goods that could be used on the battlefield in Ukraine. The latest round of EU measures comes after Trump on Monday threatened to hit buyers of Russian energy with massive "secondary tariffs" if Russia doesn't halt the fighting in 50 days. The move from Trump represented a dramatic pivot from his previous effort of rapprochement with the Kremlin, as he said his patience was running out with Putin.
Meanwhile, Britain on Friday slapped sanctions on the GRU Russian intelligence agency and 18 agents accused of "spreading chaos and disorder" on the orders of Russian President Vladimir Putin. "GRU spies are running a campaign to destabilise Europe, undermine Ukraine's sovereignty and threaten the safety of British citizens", Foreign Secretary David Lammy said in a statement He added: "Putin's hybrid threats and aggression will never break our resolve". The Foreign Office said the sanctions targeted three GRU units and the 18 individual intelligence officers for a "sustained campaign of malicious cyber activity over many years, including in the UK". "The GRU routinely uses cyber and information operations to sow chaos, division and disorder in Ukraine and across the world with devastating real-world consequences", it said in a statement. — AFP
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