The European Union hits Putin where it hurts: His wallet

$45 instead of the current $60: this is the new price cap that the European Union wants to apply to Russian oil barrels. 

During the presentation of a new package of sanctions against Moscow (the 18th since the start of the war in Ukraine), the President of the European Commission, Ursula von der Leyen, stated: “Oil exports still represent a third of Russia’s income. We need to cut this source of revenue.” These sanctions, before they are implemented, must still be approved unanimously by all 27 EU member states. However, as reported by the media outlet 20 Minutes, two member states—Slovakia and Hungary—have already expressed reservations.

The EU remains confident 

Given that the $60 price cap was set in 2022 by the G7 members, the new cap, to be effective, must again be decided by the world’s seven most industrialised countries. The hic? The United States has repeatedly voiced its reluctance to impose new sanctions on Moscow.

Still, Ursula von der Leyen remains hopeful: “We started doing this within the G7 and this measure proved successful. I want to continue it within the G7,” she stressed. 

(MH with Manon Pierre – Source: 20 Minutes – Illustration: ©Unsplash)