Overview

• The Commission plans to lower the oil price cap from $60 to $45 per barrel to undercut Russia’s export income.
• EU measures would bar any EU operator from engaging in transactions through the inactive Nord Stream 1 and 2 gas pipelines.
• A full embargo on Russian refined products and expanded sanctions list targets 419 ‘phantom fleet’ vessels involved in sanction evasion.
• Proposed restrictions would transform the SWIFT ban into a total prohibition on transactions with Russian banks and add 22 banks to the blacklist.
• Brussels also aims to sanction 22 firms linked to Russia’s military-industrial complex and hopes for unified backing from G7 partners.