Countering Putin’s EU Move Order with Oil Price Cap and High-Tech Comprehensive Export Controls

Eighth sanctions on Russia are expected to be finalized at the Foreign Ministers’ Meeting in mid-May

The European Union (EU) has agreed to impose an eighth sanction against Russia in response to Russian President Vladimir Putin’s partial withdrawal of the reserve forces.

The eighth round of sanctions against Russia is expected to include a cap on the price of Russian oil and additional export controls on private high-tech technologies.

The war in Ukraine has reached the next round as the G7 and the EU unite against President Putin’s mobilization order to face economic sanctions against Russia.

EU foreign ministers discussed sanctions against Russia in response to President Putin’s order to convene an annual emergency meeting on the 21st (local time).

“We will review and pass the new restrictions,” EU High Commissioner for Foreign Affairs and Security Policy Rousseff Borrell told reporters around the United Nations General Assembly in New York on the same day.

The meeting came a few hours after Putin issued the mobilization order.

“President Putin’s announcement shows fear and desperation,” Borrell said.

Ukrainian Foreign Minister Dmitro Kuleva briefed EU foreign ministers on the situation in Ukraine on the same day.

EU foreign ministers agreed to prepare an eighth package of sanctions against Russia.

Additional sanctions are expected to be made in consultation with other allies.

EU confronts Putin with 'movement order' with oil price caps and high-tech export controls (comprehensive)

High Representative Borrell suggested that the target of the new sanctions would be important sectors of the Russian economy, such as technology, and individuals responsible for the invasion of Ukraine.

Ukraine will also receive additional arms support, he added.

EU foreign ministers condemned Putin’s mobilization order in a joint statement today.

He also said that the referendum held in the four regions of Ukraine goes against the independence, sovereignty and territorial inviolability of Ukraine, and is an illegal vote in violation of the United Nations Charter.

Hungary also supported the statement, but Hungarian Prime Minister Viktor Orban said in an interview with his daily newspaper that the EU should lift sanctions against Russia by the end of the year.

The EU has already been discussing the eighth sanctions against Russia for a long time.

The core of the eighth sanction against Russia is expected to be a price cap on Russian oil, according to Germany’s Frankfurter Allgemeine Zeitung (FAZ).

G7 has formed a consensus on this since last June.

The goal is to enforce a price ceiling that prevents extra profits from being turned into war funds while ensuring shipping costs to Russia around the world.

EU confronts Putin with 'movement order' with oil price caps and high-tech export controls (comprehensive)

Most EU countries are not expected to import Russian crude or refined products from the end of this year, so they are not directly affected.

However, Greece, Cyprus and Malta, which operate large tankers, are rejecting the EU’s request to supply Russian crude only to buyers who adhere to the price cap.

The President of the European Commission, Ursula von der Leyen, told CNN: “The Commission will propose additional export controls on civilian technology as Russia has entered a war-torn economy.”

In addition, he added that he intends to expand import restrictions and add individuals and companies to the list of sanctions targets.

It is seen from inside and outside the EU that the sanctions may apply for the first time to EU citizens working for Russian state-owned enterprises.

The German government is trying to include a plan to stop private nuclear cooperation with Russia.

An official decision regarding the eighth sanction against Russia will be made through a meeting of EU foreign ministers.

The next meeting is scheduled for mid-October.

Earlier, the foreign ministers of the G7 also decided to impose additional sanctions on Russia, said the German Foreign Ministry, the country of the chair.

Following the adoption of the 5th sanctions against Russia in April, which aimed to ban Russian coal imports, the EU decided to partially implement the 6th sanctions against Russia, which aimed to stop Russian oil imports.

In addition, sanctions are being added, such as the adoption of the 7th sanctions against Russia in July, which aims to ban gold imports from Russia.

/happy news

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