The European Union Proposes New Sanctions Against Russia

The European Union has proposed a fresh round of sanctions against Russia, including those targeting more than 70 ships in the so-called shadow fleet and lowering the price cap on Russian seaborne oil.

The latest proposal, unveiled on Tuesday by European Commission President Ursula von der Leyen and High Representative Kaja Kallas, blacklists an additional 77 vessels, taking the total to more than 400 ships.

In May, as part of the wide-ranging 17th package of sanctions, 189 ships, mostly aged tankers, were blacklisted.

If endorsed by member states, it would become the EU’s 18th sanctions package since February 2022.

The European Commission is also proposing a significant reduction in the Group of Seven (G7) price cap on Russian seaborne oil—from $60 per barrel to $45—in an effort to slash Russian energy revenues. Von der Leyen confirmed the price cap adjustment will be discussed at next week’s G7 summit in Canada.

“My assumption is that we do that together as the G7. We started that as G7, it was successful as a measure from the G7, and I want to continue this measure as G7,” she said.

The new sanctions package also targets 22 Russian banks and extends financial restrictions to entities outside Russia that help circumvent existing sanctions. Additionally, the plan includes a ban on the direct or indirect use of the Nord Stream pipelines that connect Russia to Germany.

The move follows similar efforts by the United Kingdom, which last month sanctioned more than 120 tankers involved in covert oil shipments and signaled talks with allies to tighten enforcement of the $60 oil price cap. Globally, over 700 tankers have now been blacklisted as part of efforts to limit Russia’s oil revenues.