EU hits Russia with new sanctions, issues price cap on oil following Nord Stream 'sabotage'
EU officials juggle hitting Russian President Vladimir Putin's war chest and sustaining energy supplies
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The European Union agreed on Wednesday to place a price cap on Russian oil exports in its latest round of sanctions on Moscow as it braces for a cold winter amid dwindling oil supplies.
EU leaders hope the move will deliver another blow to Moscow’s revenue streams. The move comes just days after Western leaders accused Russia of "sabotaging" the Nord Stream pipeline network.
"The package contains: Prohibition of maritime transport of Russian oil to third countries above the oil price cap and a ban on related services," the Czech Republic, which currently holds the rotating presidency, said in a statement posted to Twitter.
European Commission President Ursula von der Leyen, center, speaks during a commission on Russia's escalation of its war of aggression against Ukraine, at the European Parliament, Wednesday, Oct. 5, 2022, in Strasbourg, France. (AP Photo/Jean-Francois Badias / AP Newsroom)
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The eight sanctions package is also set to expand stipulations on other Russian goods like cigarettes, steel products, paper, machinery and more.
Legal, engineering and information technology services would also be banned by the 27 nation member body.
The latest sanctions package was proposed last week by European Commission President Ursula von der Leyen after Russian President Vladimir Putin looked to annex four regions in Ukraine, escalated his nuclear rhetoric and allegedly hit the Nord Stream pipeline in the North Sea.
Danish Defense shows the gas leaking at Nord Stream 2 seen from the Danish F-16 interceptor on Bornholm, Denmark on Sept. 27, 2022. ((Photo by Danish Defence/Anadolu Agency via Getty Images) / Getty Images)
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"We have moved quickly and decisively," von der Leyen said on Wednesday. "We will never accept Putin’s sham referenda nor any kind of annexation in Ukraine. We are determined to continue making the Kremlin pay."
The latest cap on oil comes as EU nations look to ban most oil and gas imports by the end of the year, even as gas supplies from Russia have been repeatedly disrupted – hindering EU abilities to stock up on energy supplies.
European Commission President Ursula von der Leyen gestures as she speaks during a commission on Russia's escalation of its war of aggression against Ukraine, at the European Parliament, Wednesday, Oct. 5, 2022, in Strasbourg, France. (AP Photo/Jean-Francois Badias / AP Newsroom)
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The move to phase out coal, oil and gas imports from Russia, which supplied 40% of Europe’s gas and 30% of its oil needs in the lead up to the invasion, comes as Europeans leaders juggle hitting Putin’s war chest and avoiding exacerbated energy shortages.
Officials across the EU remain concerned over energy supply shortages, high costs and inflation as they brace for the winter months.