European Union plans even more sanctions against Russia

On 28 September President of the European Commission Ursula von der Leyen announced plans for the next package of sanctions against Russia. New sanctions are intended to cut Russia off additional revenue of EUR 7.5 billion.
«We do not accept the sham referenda nor any kind of annexation in Ukraine. And we are determined to make the Kremlin pay for this further escalation,» said the EC president in her speech, adding that new sanctions will be adopted against the aggressor.
The first part of the eighth package of sanctions will apply to different private and legal persons. The second part will introduce wide import restrictions for Russian products. The third will apply to Russian oil.

It is planned for the eighth package of anti-Russian sanctions to prevent Moscow from gaining additional revenue of EUR 7.5 billion, said the EC president.

The EU will expand export prohibition in relation to important military technologies, such as aviation materials, electronic components and chemical compounds.

«These new export bans will additionally weaken Russia’s economic base and will weaken its capacity to modernise,» said the EC president.

She also mentioned that Russia uses profits from sales of fossil fuels to finance the war, adding that 5 December will mark the start of the ban for transports of Russian crude to the European Union using sea routes.

«But we also know that certain developing countries still need some Russian oil supplies, but at low prices. Thus, the G7 has agreed in principle to introduce a price cap on Russian oil for third countries,» added Ursula von der Leyen.
The cap on oil prices, added the EC president, is one way to help limit Russia’s revenue. On the other hand it will ensure stability for the energy market.
«Today, in this package, here, we are laying the legal basis for this oil price cap.»
It is also planned to intensify efforts to prevent circumvention of sanctions, said the politician.