EU's 17th sanction package pressures Kremlin amid oil cap
There is a preliminary agreement among European Union countries on a new package of sanctions against Russia. "However, this is a very weak package, as diplomats unofficially admit that EU countries have reached the limit of their ability to adopt more extensive economic sanctions," the report states.
On Wednesday, EU countries are expected to preliminarily agree on the 17th package of sanctions on Russia, which aims, among other things, to hinder the Kremlin from selling crude oil in markets at prices higher than those set by the West. "Pressure on Russia must continue to be exerted," stated Polish Finance Minister Andrzej Domański.
On Wednesday, member countries' ambassadors to the EU are expected to give the green light. Meanwhile, the new sanctions are set to be finally approved by foreign ministers at a meeting in Brussels on Tuesday, May 20.
New package of sanctions on Russia
The European Commission, which proposed the new sanction package last week, suggested restrictions on an additional 150 ships from the so-called Russian shadow fleet. Russia uses these ships to evade international sanctions that impose a price cap on Russian oil.
As a result, the Kremlin sells oil above this limit and earns more. More than 600 ships, sailing under the flags of third countries, are involved in the transport of the raw material. The Polish presidency proposed increasing the number of ships subject to restrictions to 200, which received the green light from the countries as early as Monday.
As part of the 17th package, increased export controls will be imposed on additional companies suspected of exporting to Russia technologies that may be used in the war against Ukraine. An additional 31 entities from Russia, Turkey, Serbia, Uzbekistan, Vietnam, and the United Arab Emirates are to be added. These are enterprises exporting goods or technologies that could be used militarily by Russia against Ukraine.
