A strong blow from the European Union to Russia: oil prices will be lowered!
From May 20 to 22, a meeting of finance ministers from the Group of Seven (G7) countries will be held in Canada. During this event, the European Union will promote the initiative to further lower the maximum purchase price set for Russian oil delivered by sea. This was announced by Valdis Dombrovskis, the European Union's Commissioner for Economic Affairs, as reported by Reuters.
It is reported that the European Union is discussing this measure as a new, more stringent phase of the economic sanctions imposed in response to Russia's military aggression against Ukraine. Currently, the upper limit for the price of Russian oil is set at $60 per barrel, and EU officials plan to reduce this figure to $50 per barrel.
High-ranking officials of the European Union, who requested anonymity, confirmed to Reuters that this proposal is currently under active discussion. They stated that this action aims to reduce Russia's military expenditures and increase the impact of the sanctions.
Additionally, the European Union is preparing the "largest sanctions package" against Russia for its aggressive policy towards Ukraine, and this new set of measures will be announced at the meeting of the EU Foreign Affairs Council on May 20. It is said that these measures will include a package of 17 punitive measures aimed at exerting stronger pressure on the Russian economy.
As part of these new sanctions, 75 new individuals and legal entities will be added to the list of economic restrictions against Russia. Furthermore, 200 vessels from the "shadow fleet" transporting Russian oil and oil products under foreign flags will also be included in the sanctions list. This will increase the number of individuals on the EU sanctions list to over 2,500 and the number of vessels to 300.
Moreover, the European Union will introduce new restrictions against 27 more legal and physical persons from Russia under a special sanctions regime for hybrid threats. It is also planned to add 28 new individuals and legal entities from Russia to the global sanctions list for human rights violations.
Most importantly, it has been reported that the issue of imposing additional sanctions against Russia due to its involvement in the use of chemical weapons is also being discussed. Specifically, this concerns chemical substances used to suppress public disorder. The European Union believes that Russia has used these means during the war in Ukraine.
The editorial team of Zamin.uz is closely monitoring these processes related to international politics and economic sanctions. Will these harsh measures from the European Union be able to change Russia's policy? What do you think about this?
