Overview

• The European Commission’s 18th sanctions package proposes cutting the G7 oil price cap on Russian crude from $60 to $45 a barrel to curb Moscow’s war revenues.
• The package includes plans to ban transactions with Nord Stream 1 and 2 pipelines, list more vessels in Russia’s sanction-busting “shadow fleet” and bar 22 additional banks from the Swift network.
• Brussels seeks to extend import restrictions to refined oil products and impose export controls on dual-use technologies supporting Russia’s military industries.
• The measures require unanimous approval by all 27 EU member states before the planned late-June deadline, opening the door to potential vetoes.
• Hungary and Slovakia have warned they will withhold support unless Brussels secures alternative energy solutions to offset lost Russian supplies.