EU prepares 18th package of sanctions against russia, which will include restrictions  on banks and oil contracts

The European Union is considering a new 18th package of sanctions aimed at increasing pressure on russia to end the war in Ukraine. Possible measures include disconnecting more than 20 russian banks from the SWIFT system, lowering the ceiling price for oil and banning the Nord Stream gas pipeline.

This is reported by Bloomberg.

The European Commission is already holding consultations with member states, the agency’s sources report. So far, the timing of the sanctions has not been determined. The sanctions require unanimous support from all EU countries and can be changed before their official adoption.

The European Union plans to introduce additional transaction bans for about two dozen banks, as well as new trade restrictions worth about EUR 2.5 billion. The goal is to reduce russia’s income and limit its access to technologies that can be used to produce weapons.

There is talk of lowering the G7-agreed price ceiling for russian oil to around USD 45 a barrel. The current threshold is USD 60, above which the G7 countries do not provide transport or insurance services related to russian oil trade.

This move would require US support. At a meeting in Canada, G7 finance ministers failed to agree on a lower price ceiling.