EU unveils 18th sanctions bundle against Moscow

(MENAFN) The European Union has finalized its 18th sanctions package against Russia in response to the ongoing conflict in Ukraine, focusing on Moscow’s energy and banking industries, announced EU foreign policy chief Kaja Kallas. The Kremlin condemned the measures as “illegal” and unilateral.

Earlier this week, the package stalled after Slovakia opposed it, but Bratislava reversed its stance after receiving assurances from the European Commission regarding gas and oil supplies, calling continued blockage “counterproductive.” Following a meeting of EU ambassadors in Brussels, Kallas described the sanctions as “one of the strongest” yet and affirmed the bloc’s commitment to sustained economic pressure until the conflict ends.

While Russia has expressed willingness to discuss a diplomatic resolution with Kyiv, it demands legally binding terms addressing the conflict’s core issues. Kremlin spokesperson Dmitry Peskov reiterated Moscow’s rejection of unilateral sanctions, stating Russia has adapted to them but warning the restrictions also negatively impact the countries imposing them.

The new measures prohibit transactions with 22 Russian banks and the Russian Direct Investment Fund and ban the use of the Nord Stream pipelines, which have been out of service since 2022 due to sabotage. The EU also replaced its fixed $60-per-barrel price cap on Russian crude with a flexible mechanism set 15% below the average market price.

Additionally, 105 more vessels have been blacklisted for transporting Russian oil while circumventing sanctions, raising the total number of blocked tankers to over 400. Since the conflict escalated, Russia has shifted its energy exports mainly to Asia, with China and India as key buyers.

Some EU members, including Hungary and Slovakia, have criticized the sanctions for harming the bloc’s economy without effectively halting the war between Russia and Ukraine.

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