The European Union declared on Thursday it formally approved the eighth package of sanctions against Russia in reaction to Moscow “illegally annexing Ukrainian territory based on sham ‘referenda,’ mobilizing additional troops, and issuing open nuclear threats.”
The European Commission emphasised the new measures include import bans worth €7 billion, as well as export restrictions, and the basis for the implementation of the G7 agreement on the price cap on Russian oil, which is set to come into effect from December 5 for crude and February 5 for refined petroleum products.
“While the EU’s ban on importing Russian seaborne crude oil fully remains, the price cap, once implemented, would allow European operators to undertake and support the transport of Russian oil to third countries, provided its price remains under a pre-set ‘cap,'” the Commission stressed.