European Commission unveils 18th package of Russia sanctions aimed at energy, military

The European Commission has proposed an 18th package of sanctions against Russia for its invasion of Ukraine, aimed at Moscow’s energy revenues and military industry, European Commission President Ursula von der Leyen said on Tuesday.The new package proposes banning transactions with Russia’s Nord Stream gas pipelines as well as banks that engage in sanctions circumvention. The Commission has also proposed lowering the Group of Seven nations (G7) price cap on Russian crude oil to $45 a barrel from $60 barrel.

The proposal lists more vessels that make up Russia’s shadow fleet and oil trading companies. EU countries will start debating the proposal this week.