European Union Approves 18th Sanction Package Against Russia, Bans Nord Stream Gas Transactions

UNSPLASH/Guillaume Périgois ILLUSTRATION

JAKARTA - The European Union reached an agreement on its 18th sanction package against Russia over its war in Ukraine, with a series of moves aimed at delivering further blows to the Russian oil and energy industry.

His latest sanctions package against Russia will lower the G7 crude oil price limit to $47.6 per barrel, according to diplomat information to Reuters.

"European Union has just approved one of its strongest sanctions packages against Russia to date," said Head of EU Foreign Policy, Kaja Kallas, via X.

"We will continue to increase costs, so stopping aggression is the only way forward for Moscow," Kallas continued.

The sanctions package also includes a ban on transactions related to Russia's Nord Stream gas pipeline and Russia's financial sector.

"I welcome the agreement on our 18th sanction package against Russia. We are attacking the heart of the Russian war engine. Targeting its banking, energy, and military industry sectors, and setting new dynamic oil price limits," European Commission President Ursula von der Leyen wrote on X.