EU announces punishing sanctions targeting Russian energy and banks
BRUSSELS — The European Commission announced Tuesday its latest salvo of sanctions on Russia, taking aim at the Kremlin's energy exports, infrastructure and financial institutions.
The measures, which are intended to pile pressure on Moscow to end its war in Ukraine, include proposals to lower the oil price cap from $60 to $45 per barrel and ban the use of the Nord Stream pipelines to funnel gas between Russia and Germany.
A further 22 Russian banks will also be cut off from the SWIFT international banking system, with the current, partial prohibition on Russian financial institutions broadened to a 'full transaction ban,' Commission President Ursula von der Leyen said.
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Calling the sanctions 'robust' and 'hard-biting,' von der Leyen said the Russian economy was already buckling under the pressure of the EU's past measures and the new package would pummel it further.
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