EU targets Russia with sanctions, lower oil price cap
EU Commission President Ursula von der Leyen (R) and High Representative of the European Union for Foreign Affairs and Security Policy Kaja Kallas briefed the press Monday on the 18th package of sanctions against Russia, in Brussels, Belgium. Photo by Olivier Matthys/EPA-EFE
June 10 (UPI) -- The European Commission on Tuesday unveiled its latest in a series of sanctions against Russia targeting energy exports, infrastructure and finances.
"Oil exports still represent one-third of Russia's government revenues," European Commission President Ursula von der Leyen said at a news conference in Brussels, Belgium.
"We need to cut this source of revenues," she added.
The measures aimed to put pressure on Moscow to end Russia's war in Ukraine include a proposal to lower the current $60 oil price cap to $45 per barrel and bans use of the Nord Stream pipelines between Germany and Russia.
At least nine individuals and 33 companies will be slapped with asset freezes. And the EU will consider adding another 77 boats part of Russia's "shadow fleet" banned in European ports of entry, part of at least 300 other barred Russian vessels.
In addition, at least 22 Russian banks will be cut off from the SWIFT international banking system and the Russian Direct Investment Fund.
Von der Leyen called the sanctions "robust" and "hard-biting" and added that Russia's economy has already been bowing to past pressure.
"Russia continues to bring death and destruction to Ukraine," she said Monday at the press conference with Kaja Kallas, the EU's top diplomat.
"Our message is clear: This war must end."
Kallas called Russia's military invasion of Ukraine "outright illegal."
She said it was "clear that Russia does not want peace," adding it is "cruel, aggressive and a danger to us all."
It arrived ahead of this weekend's G7 summit in Alberta, Canada where the new oil price caps will be discussed.
"With this package, we step up pressure on Russia," stated von der Leyen.
"Our objective is very clear: We are reiterating the call for a full, unconditional ceasefire of at least 30 days," she said.
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