On Wednesday, 5 October, European Union (EU) member states reached an agreement on the eighth package of sanctions against Russia, as reported by sources in diplomatic circles.
Among new sanctions is the measure to set a price cap on Russian oil.
This agreement paves the way for the prohibition for EU companies to transport Russian oil to countries outside the EU if the price exceeds a specific level.
These sanctions will expand the domestic ban in the EU to purchase and import Russian crude and multiple petrol products.
According to the new sanctions, EU citizens will be prohibited from taking posts in Russian state companies. It is also planned to limit exports of chemical substances and electronic devices to Russia. New sanctions also introduce a ban on imports of Russian good. This measure is planned to cut Russia’s revenue by EUR 7 billion, sources say.
Sanctions are in the middle of the approval process. Unless some obstacles appear, they will be published and will come to force on Thursday, 6 October, as Czech Managing Director for the Americas in European External Action Service of the EU Edita Hrda announced on Twitter.
«We have just reached a political agreement on new sanctions against Russia – a strong EU response to Putin’s illegal annexation of territories,» she wrote.