EU proposes tighter trade restrictions, more individual blacklistings against Russia
EC President Ursula von der Leyen and EU Foreign Policy Chief Josep Borrell
The eighth round of sanctions against Russia for its invasion of Ukraine were recommended by the executive of the European Union on Wednesday. These measures include tougher trade restrictions, more people being placed on individual blacklists, and a cap on oil prices for third-party nations.
The plan will now be presented to the bloc's 27 members, who must put aside their differences in order to apply the fresh penalties on top of the seven other sets of sanctions already placed on Russia since its soldiers invaded Ukraine on February 24.
Despite Russia's military mobilisation last week, nuclear threats, and moves to annex a portion of Ukraine after invading the former Soviet republic that seeks EU membership, the EU may need some time to accomplish that.
"We do not accept the sham referendums(in Russian-occupied areas of Ukraine) nor any kind of annexation...And we are determined to make the Kremlin pay the price for this further escalation," European Commission President Ursula von der Leyen told reporters.
"We are proposing a new package of biting sanctions."
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The Group of Seven main industrialised nations, which includeItaly, France, and Germany as members of the EU, have already decided to implement an oil price ceiling through insurers.
A senior economic adviser to Ukrainian President Volodymyr Zelensky earlier on Wednesday urged the EU to further reduce money flows to Russia from sales of natural fuels.
Ustenko claimed that "blood money" would continue to flow to Moscow even though the EU had already decided to stop importing Russian oil later this year unless European firms were forbidden from insuring Russia's seaborne supplies to other nations.
(with inputs from agencies)