The EC has officially introduced its 18th sanctions package targeting Russia.

This set of EU sanctions includes proposals to impose restrictions on nine individuals and 33 legal entities, focusing on Russian and foreign firms that assist the military-industrial complex, including the Russian Direct Investment Fund.

Moreover, it seeks to impose sanctions on the Nord Stream 1 and Nord Stream 2 gas pipelines to entirely prevent their future operation. In addition, Brussels is recommending a decrease in the price cap for Russian oil from $60 to $45 per barrel. At the same time, the EC intends to impose limitations on an additional 77 tankers from Russia’s shadow fleet, raising the total sanctions list to 342 vessels.

Furthermore, the proposal includes a ban on the import of petroleum products derived from Russian raw materials into the EU and aims to tighten restrictions on the Russian financial sector, transitioning the existing ban on access to the SWIFT network to a complete prohibition on transactions. The restrictions will also extend to 22 additional Russian banks and financial entities in third countries that fund trade with Russia in ways that bypass sanctions.

Lastly, the EC suggests prohibiting the export of goods to Russia that are valued at over €2.5B annually.