EU to target Nord Stream and Russian oil cap in new sanctions package

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The European Commission suggests reducing the maximum price of Russian oil and prohibiting the use of infrastructure for North crimes as part of a new round of sanctions against Moscow.

The committee is scheduled to provide the eighteenth sanctions package against Moscow on Tuesday, as part of the efforts made to increase pressure on Russia amid the stalled peace negotiations with Ukraine.

According to three people familiar with the suggestion, the package will include reduce the current oil price price from $ 60 to $ 45 a barrel, as well as prohibiting the use of Russian energy infrastructure, including Nord Stream pipelines to Germany.

According to the conditions for the maximum prices-which the European Union and the other G7 allies in 2022, after Russia’s full invasion of Ukraine-companies from the countries may participate in the transfer of Russian oil as long as crude oil at a price lower than the maximum.

The people said that the new proposal will also include the imposition of sanctions on additional Russian banks and the shadow fleet ships.

This will include guarantees to help protect Belgium from lawsuits from Moscow under a bilateral investment treaty between the two countries. The current sanctions have paralyzed about 190 billion euros in the assets of the Russian Central Bank in depositing the central securities in Belgium, the euro.

The new sanctions package must now be discussed by European Union governments, which must be adopted unanimously.

Slovakia and Hungary have already indicated that they could oppose additional penalties, which could complicate negotiations.

Two people said they were optimistic about finding an agreement on the package before the end of July, after they were able to persuade Hungary to drop its opposition to previous packages.

The European Union is also studying whether Russia will be added to its “gray list” from countries with hotbed for money laundering.

The new European Union’s proposal comes at a time when US senator Lindsi Graham is pushing additional sanctions against Moscow by Washington. European Commission President Ursula von der Lin Graham met last week and said that the European Union package, if “taken with American measures, will be sharply increasing the common impact of our sanctions.”

But it is unclear whether US President Donald Trump supports more US measures against Moscow, as part of his unsuccessful efforts to compel Moscow and Kiev on the peace agreement.

Trump and Von der Lean are scheduled to attend the 7 Group Group Summit in Canada, starting this week, with Ukraine on the agenda.