Brussels – EU Commission President Ursula von der Leyen has introduced a proposal for an 18th sanctions package in response to the ongoing Russian aggression against Ukraine. “Our focus is on two main sectors: the Russian energy sector and the banking sector,” she stated in Brussels.
“We are proposing, for the first time, a transaction ban on Nord Stream 1 and Nord Stream 2. This implies that no EU operator can engage in any way with transactions related to the Nord Stream pipelines – we are not returning to previous conditions.”
Ursula von der Leyen, EU Commission President
The sanctions on Nord Stream are largely symbolic, as no gas is currently being transported to Europe via the pipelines in the Baltic Sea. One of the Nord Stream 2 pipes was destroyed in a bombing in September 2022, along with sections of the operational Nord Stream 1 pipeline.
The EU Commission has the authority to prepare a sanctions package, but EU member states must vote to implement it.
Using Oil Prices as Leverage
Additionally, von der Leyen proposed reducing the oil price cap from $60 to $45 per barrel, noting that oil exports represent approximately a third of Russia’s state revenues. “The oil price cap is a measure initiated by the G7 coalition, and we will discuss our collective approach at the upcoming G7 summit in Canada at the end of this week or early next week,” the Commission President remarked.
The G7 summit is scheduled for June 15 to 17 in Canada, with members including Germany, France, the UK, Italy, Japan, Canada, and the USA. US President Donald Trump is also anticipated to attend.
A new sanctions package is being formulated in the US Senate as well. Recently, Trump has shown caution regarding additional sanctions against Russia, while still applying pressure on Kremlin leader Vladimir Putin. (June 10)
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