EU plans on sanctioning Nord Stream
(MENAFN) The European Commission has put forward a new sanctions package against Russia, which includes a ban on the use of the Nord Stream gas pipelines and a reduction in the price cap on Russian oil exports, EC President Ursula von der Leyen announced on Tuesday.
“No EU operator will be allowed to engage, directly or indirectly, in any transactions involving the Nord Stream pipelines. There is no going back,” she emphasized.
The Nord Stream pipelines were heavily damaged in underwater explosions in the Baltic Sea in September 2022 and have remained non-operational since the sabotage.
The proposed sanctions also seek to lower the current $60 per barrel price cap on Russian crude oil, established in December 2022 by the G7, EU, and Australia, down to $45 per barrel. This price cap aims to limit Russia’s oil revenue while ensuring global market stability.
In addition, the new package calls for a ban on all imports of refined products derived from Russian crude oil and sanctions against 77 vessels alleged to be part of Russia’s “shadow fleet,” which Brussels claims is used to evade oil trade restrictions.
The Commission further recommends broadening the EU sanctions list to include more Russian banks and introducing a full transaction ban alongside existing limits on the use of the SWIFT financial messaging system. These restrictions would also target banks in third countries that facilitate trade with Russia to bypass sanctions.
The proposed sanctions will now be reviewed by the 27 EU member states and require unanimous approval to be enacted. Previous sanctions efforts have met resistance from some countries, such as Hungary and Slovakia, concerned about economic impacts.
Russia has condemned the sanctions as illegitimate and counterproductive. President Vladimir Putin has stated that lifting sanctions is a prerequisite for resolving the conflict in Ukraine.
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