Overview

• The European Commission proposes lowering the Russian oil price cap from $60 to $45 per barrel to tighten export restrictions.
• New measures will blacklist firms linked to the Nord Stream 1 and 2 pipelines and cut 22 Kremlin-connected banks off from the SWIFT system.
• Brussels plans to expand its ‘shadow fleet’ sanctions by dozens of tanker vessels and impose penalties on individual crew members to curb evasion.
• Adoption of the package hinges on unanimous approval by all 27 EU member states, with Hungary and Slovakia signaling possible objections.
• The EU has signaled support for a U.S. proposal to impose a 500 percent tariff on imports from countries still buying Russian oil.