Future of energy: Assessing new Russia sanctions impact
The EU has unveiled this week an 18th package of sanctions against Russia which aim to raise the stakes on its energy and banking sectors, and accelerate peace negotiations.
European Commission President Ursula von der Leyen, said, “For the first time, we propose a transaction ban for Nord Stream 1 and Nord Stream 2. This means that no EU operator will be able to engage directly or indirectly in any transactions regarding the Nord Stream pipelines. There is no return to the past.”
Europe also proposes to lower the oil price cap from $60 to $45 per barrel. Oil exports still represent one third of Russia’s government revenues. “We need to cut this source of revenue,” she said.
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