The European Union has finally approved a new package of sanctions against Russia over its war against Ukraine, Reuters reports. The EU’s response came after Russia’s nuclear threats and the partial military mobilization of reservists, as well as the annexation of part of Ukraine.

These measures include tighter restrictions on trade with Russia in steel and technology products, as well as oil price caps for shipping Russian crude by sea to third countries.

EU diplomats confirmed the bloc agreed to cap Russian oil prices after offering “insurance” to Greece, Cyprus and Malta, countries with large shipping industries. Before the agreement, these countries argued that the EU should not impose oil price caps without guarantees that other non-EU countries, such as India, would also sign up to the price caps.

“The package could have been much stronger,” said Poland’s ambassador to the EU, Andrzej Sados. “But given that we need unanimity … it’s important that we have such a strong response to Russia’s latest aggressive actions.”

The oil price cap, designed to bring the EU as a whole into line with the G7 group of the world’s most industrialized nations, has also been reduced to give exemptions to maritime nations such as Greece, Malta and Cyprus, EU diplomats said with some skepticism. its practical feasibility or effectiveness.

The oil price cap proposal would allow oil to flow from Russia to buyers in developing countries, provided insurers and finance companies that facilitate transportation certify that it is being sold below a pre-set limit.

In addition, the sanctions will apply to several individuals in the Russian Ministry of Defense involved in referendums on the accession of several regions of eastern Ukraine to Russia.

“I welcome today’s agreement by member states on a package of eight sanctions,” said European Commission President Ursula von der Leyen.

“We will never agree to Putin’s fake referendums or any annexation of Ukraine. We are determined to continue to make the Kremlin pay.”

The deal must be formalized by 08:00 GMT on Thursday, unless any EU country raises last-minute objections. Because the sanctions require unanimous support from all 27 members of the bloc, the deal is more modest than the Baltic states had asked for.

The Baltic states and Poland are seeking a total ban on nuclear energy cooperation and diamond imports from Russia, as well as sanctions against the Kremlin ally, Patriarch Kirill of the Russian Orthodox Church.

The head of the European Commission, Ursula von der Leyen, announced last Wednesday a new package of sanctions against Russia, which will deprive Moscow of revenues in the amount of about 7 billion euros, as well as the legal basis for setting a ceiling on the price of Russian oil. .

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