Brussels: Europe and the Arabs
Regarding the adoption of the proposed new eighteenth package of sanctions against Russia, a European statement issued in Brussels on behalf of European Commission President Ursula von der Leyen and Foreign Policy Coordinator Kaya Kallas said, "It is clear that Russia does not want peace. Nothing suggests it is ready for peace. On the contrary, Russia is escalating its war in Ukraine.
Maternity hospitals, emergency medical units, civilian homes, and infrastructure are not military targets. This is a completely illegal war.
Russia is cruel and aggressive, and it poses a danger to us all. We are acting now to support Ukraine, but also to put pressure on Russia.
The next round of EU sanctions against Russia will target Russia's energy revenues, including its shadow fleet, its military industry, and its banking sector.
Regarding energy, as mentioned, we propose adding 77 more vessels transporting Russian oil to the list, bringing the total to more than 400. When sanctions are imposed, tankers from the Russian shadow fleet will not be able to dock at ports, and Russia will be forced to find new vessels. This costs them more and reduces their Their profits.
We also lowered the oil price ceiling from $60 to $45, which is below the market price. Reducing the oil price differential will negatively impact Russia's revenues. We propose imposing sanctions on the Nord Stream pipeline to prevent Russia from generating any future revenues in this way. This sends a clear signal that we will not return to business as usual.
Regarding the banking sector, we are converting the ban on instant messaging services into a complete ban on transactions. We propose adding 22 new banks to the list of institutions prohibited from such transactions.
Regarding the military industry, it will not be able to do what it does without the support of others, as mentioned. Therefore, we are pursuing companies that are directly involved in or enable the production of weapons, including in third countries.
Today, we are proposing adding 22 new companies—some from China and Belarus—to the list of entities facing stricter restrictions on dual-use goods. This brings the total number of targeted companies to more than 800.
We do all this because sanctions work; every sanction weakens the ability of Russia is fighting. So, Russia wants us to believe it can continue this war forever. This is simply not true.
Russia has lost tens of billions in oil revenues. Its economy is shrinking, and its GDP is declining. Sanctions on the shadow fleet have had a profound impact: after the latest round of sanctions, Sanctions 17, oil exports from Russia via the Black Sea and Baltic Sea routes fell by 30% in a single week.*
In May alone, Russia's sovereign wealth fund fell by $6 billion, from $42 billion to $36 billion, and could run out of money by next year. By cutting off revenue sources, we prevent them from replenishing their war chest.
The statement concluded, "Every day, Russia lies about its desire for peace. Putin is deceiving the world. Together with the United States, we can truly force Putin to negotiate seriously. With every day that Russia continues its war, the price rises, which is why we propose Sanctions 18."