Hey there! Let's talk about the EU's latest move on Russia 🚀
EU Commission Unveils Proposal for Eighteenth Round of Sanctions
Social media shares👤: EU's 18th sanctions package proposals highlight an escalating squeeze on Russia 🤼♂️🇷🇺
Ursula von der Leyen, President of the EU Commission, introduced a new sanctions package on Tuesday in Brussels, aimed at heightening pressure on ol' Putin 😠🇽🇵! "Enough talk, it's time to show Russia some real muscle," said von der Leyen, using words that seem to resonate with many around the globe.
The primary second-act comprises more sanctions for the shadowy Russian freetail fleet, you know, the sneaky bunch circumventing restrictions 🏭💼⛔. But, that's not all! There's also a reduction of the oil price cap from $60 per barrel to a more bearish $45(approx. €40) 🛢️💰.
This move to slash oil prices isn't just a one-man army move, mind you: it's a joint plan with G7 countries and Australia, agreed upon back in December 2022 🤝📄. And why the change? As von der Leyen explains, it's obliged by changing market conditions. With the global market price for crude oil nearing (and even occasionally dipping below) the $60 mark, adjustments have become necessary 📉📊.
On top of the changes mentioned above, von der Leyen hinted at additional sanctions for 77 more ships joining the shadow fleet, potential additions to the bank sanctions list with 22 more banks being booted, and export bans on machinery, metals, plastics, chemicals, and dual-use goods - tech that can be used for creating drones, missiles, and uh, other military hooligans 💣🛠️🛰️!
With all this in motion, you might wonder, is the EU's plan subject to any hiccups? Indeed,HTMLproducescontent thatstiffsome Member States, like Hungary and Slovakia, remain obstinate about Implementing all these measures 😴🙄.
Nevertheless, von der Leyen is chomping at the bit, gearing up for negotiations at the upcoming G7 summit in Alberta, Canada, optimistic that they'll get this done and dusted 🏆.
The EU's latest sanctions package, led by President Ursula von der Leyen, not only targets the Russian freetail fleet but also includes a policy-and-legislation change to lower the oil price cap due to market conditions. This policy shift is part of a joint plan with G7 countries and Australia, as some Member States, such as Hungary and Slovakia, face opposition to fully implementing these measures. The ongoing politics surrounding this issue will likely be a topic of discussion during the upcoming G7 summit in Alberta, Canada.
