The European Union has announced a new sanction package against Russia, targeting the country’s energy, banking and military sectors. Within the energy sector, the 18th package of sanctions seeks to curtail Russia’s energy revenues through the lowering of the price cap for crude oil from US$60/bbl to US$47.6/bbl, the introduction of an automatic and dynamic mechanism to ensure the oil price cap remains 15% lower than Russian oil prices on global markets, a ban of refined petroleum products made from Russian crude oil and coming from any third country (excepting Canada, Norway, Switzerland, the United Kingdom and the United States), and imposing a full transaction ban on the Nord Stream 1 and 2 pipelines. Additionally, the package targets the Russian shadow fleet value chain that supports the country’s energy sector by circumventing the oil price cap and transporting military equipment or stolen Ukrainian grain.
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