The Council of General Affairs of the European Union today officially approved the 18th package of sanctions against Russia, introducing a new round of measures targeting the energy, banking, and trade sectors. The decision reinforces the EU’s commitment to Ukraine amid the ongoing war and sends what a European diplomat called “a strong message to Russia that Europe stands firmly by Ukraine, alongside its partners and allies.”
Key Measures in the 18th Sanctions Package:
Energy Sector
The new package introduces a dynamic price cap mechanism for Russian crude oil exports, setting the cap 15% below the average market price. In real terms, this reduces the current cap from $60 per barrel to approximately $47.6 per barrel.
Additionally, the EU now bans the import of petroleum-refined products derived from Russian crude oil, even when these are processed in third countries—with exceptions for Norway, the UK, the US, Canada, and the Czech Republic. This aims to close a loophole that has allowed indirect Russian crude exports via foreign refineries.
Transactions related to the Nord Stream 1 and 2 pipelines are also banned, including the supply of goods or services for their completion, maintenance, or potential future operation. These pipelines have remained inactive since 2022.
Shipping Restrictions
The new measures designate an additional 105 vessels belonging to Russia’s so-called “shadow fleet”, bringing the total number of restricted Russian ships to over 400. These vessels are now banned from accessing EU ports.
Banking Sector
The package expands restrictions on the Russian financial system by adding 22 more Russian banks to the list of institutions cut off from international capital markets and financial transactions, including those connected via the SWIFT system.
Trade and Economic Sanctions
The package includes additional commercial and economic restrictions, though details on the specific goods and services affected have not been fully disclosed.
The EU continues to coordinate its efforts with allies in the G7, NATO, and beyond to maintain economic pressure on Russia and curb its ability to finance the war. This 18th round of sanctions represents a tightening of enforcement as well as an effort to close previously exploited loopholes in earlier sanctions packages.
Source: ANA-MPA
