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6 Oct, 2022 10:14

EU approves new anti-Russia sanctions

The eighth package of restrictions includes a price cap related to the maritime transport of Russian oil for third countries
EU approves new anti-Russia sanctions

The European Union has announced a new batch of “biting” measures intended to reinforce pressure on the Russian government and economy.

According to a statement published on its website on Thursday, the sanctions package “introduces into EU legislation the basis to put in place a price cap related to the maritime transport of Russian oil for third countries and further restrictions on the maritime transport of crude oil and petroleum products to third countries.”

The bloc is also extending an import ban on steel products that either originate in Russia or are exported from Russia. Further restrictions are also imposed on wood pulp and paper, cigarettes, plastics and cosmetics as well as elements used in the jewelry industry such as stones and precious metals. The aviation sector faces further restrictions on the sale, supply transfer or export of goods.

In addition, the sanctions target more individuals, including at the Russian defence ministry. They also ban EU nationals from holding any posts on the board of certain Russian state-owned organizations, entities or bodies.

“We are further hitting Russia’s war economy, limiting Russia‘s import/export capacities and are on the fast-track to liberate ourselves from Russian energy dependence..,” EU top diplomat, Josep Borrell said.

Meanwhile, Poland's EU ambassador Andrzej Sados said as quoted by Reuters: “The package could have been far stronger. But given that we require unanimity... it is important that we have this strong response to Russia’s latest aggressive steps.”

For more stories on economy & finance visit RT's business section

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