The eighth package of sanctions against Russia has been approved.

Ambassadors from the EU countries have agreed on the eighth package of sanctions against Russia in response to its continued war against Ukraine. The focal point of this package is the introduction of a price ceiling for Russian oil. After the package’s details come into effect, it will be prohibited to transport oil to third countries at a price above the specified limit. Imports from the Russian Federation of certain types of steel and plastic products, chemicals, paper, and cigarettes, worth €7B, will also be banned. In addition, the EU will prohibit IT and legal services provided to organizations in the Russian Federation. The restrictions will affect the defense industry of the Russian Federation even more, and EU citizens will also be prohibited from working in management positions in Russian state-owned companies. However, the price restrictions on Russian oil were not applied to pipeline supply or sea supply in emergency cases. They also excluded nuclear energy from the new package of sanctions.