The EU agrees to more sanctions on Russia, with the commitment to cap the price of oil

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The EU agrees to more sanctions on Russia, with the commitment to cap the price of oil

The eighth package of sanctionsagainst Russia, which includes a cap on the price of Russian oil, new prohibitions on the export and import of steel, wood, machinery or chemical products for value of 7,000 million euros, as well such as the inclusion of 35 personalities and companies on the sanctioned list, it already has the green light from the 27 EU governments. The goal was to achieve a political agreementBefore the meeting of European leaders which is being held this Thursday and Friday in Prague (Czech Republic) and the permanent ambassadors of the EU have managed to conclude on time a “ political agreement on a new blow to the Kremlin that responds to the escalation undertaken by Moscow and the illegal annexation last Friday of four Ukrainian territories to Russia.

“Russia's export capacity is further limited and the imports it can receive to continue keeping its industry alive, especially in its technological dimension, and thus feed the war”, explained the high representative for foreign policy of the EU, Josep Borrell, during a debate this Wednesday in the Eurochamber on Ukraine. The new round will enter It will enter into force expectedly this Thursday, as soon as the written procedure is completed and the decision is published in the Official Journal of the EU.

While waiting to know the exact details, the Czech presidency of the EU has confirmed that the new package will prohibit The maritime transport of Russian oil to third countries as well as as well as related insurance services. This is a thorny element that countries with Greece, Cyprus or Maltafor fear that the measure will have a negative impact on its shipping sector dedicated to the transport of crude oil and lose market share. Finally, they have received guarantees that they will be compensated for what their reserves have raised. The details of the new cap will now have to be defined in the framework of the G-7, which closed the meeting. An agreement was reached at the beginning of September with the aim of reducing Russia's income and lowering the prices paid by third countries. The measurement will be added to the partial embargo on the oil agreed by the EU and that will enter the country. in force on December 5.

Trade isolation

The eighth sanctioning package also extends the list of prohibited imports to include steel products, wood pulp, paper, machinery and appliances, chemical products, plastics or cigarettes, among others, and it prohibits exporting technology to Russia. In addition, it prohibits providing technology, engineering and legal advice services to Russian entities and expands the sanctioned list – with their assets in the EU frozen and a ban on travel to the EU – individuals and companies responsible for the illegal referendums in Donetsk and Lugansk. The new list will include names such as the intellectual and ideologue Alexandr Dugin, whose daughter was killed in August in a terrorist attack, the largest shareholder of the Russian arms company JSC Kalashnkov Concern, Alan Lushnikov, as Russian propaganda actors

In addition, as proposed by the European Commission, the new package introduces new criteria to prevent sanctions evasion. “Our support for Ukraine is not just a matter of generosity. It must be unfailing because Ukraine's security is linked to ours. What is decided there is also our future. That is why it is so important to ensure that As others in Europe have done, renouncing our old imperial ambitions, Russia must also renounce them”, said Borrell before the plenary session, recalling that the war can only be ended if peace is guaranteed and that for this Ukraine will have to fight. They have to recover their full sovereignty and Russia will take responsibility for it and pay for the reconstruction of the country.

“This is not the time to doubt”

“This is not the time to doubt, society in Europe has to be able to withstand this fight. Beyond concrete sanctions, this It is a battle for the freedom of the Ukrainians and ours,” he added. In his speech, the head of European diplomacy admitted that the war has entered a new phase, more dangerous, “because we are in a fearful scenario” that involves a nuclear power. “Right now he is going back on the conventional stage and is threatening to use a nuclear weapon.” “It's a worrying scenario” as well that “we have to show that our support for Ukraine does not waver”, he claimed. According to Borrell, although Russia continues to have numerical superiority and greater firepower, the Ukrainian combat tactics are having results and the situation of the Russian Army is very bad.