The European Union announced its 18th sanctions package against Russia, targeting its oil and gas revenue streams to further cripple its war effort in Ukraine. This package lowers the price cap on Russian oil exports to $45 per barrel and bans transactions with sanctioned Russian banks and financial institutions in third countries aiding sanctions evasion. The EU also proposes a ban on utilizing Russian energy infrastructure, specifically the Nord Stream pipelines. Despite potential opposition from member states, the sanctions aim to pressure Russia into peace negotiations, as its continued aggression demonstrates a lack of interest in diplomatic resolutions.
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The EU announced a new, robust sanctions package against Russia, further impacting its already strained economy. This action, deemed necessary due to Russia’s continued aggression in Ukraine, aims to increase pressure for an end to the war. The sanctions, including a reduced oil price cap, were coordinated with the US and will be finalized before the end of the month. The package is expected to be swiftly adopted by EU member states ahead of a G7 summit, where the oil price cap will be further discussed.
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To end the war in Ukraine, President Putin demands a written Western pledge to halt NATO’s eastward expansion, along with sanctions relief for Russia. He also seeks Ukrainian neutrality, resolution of frozen assets, and protection for Russian speakers in Ukraine. Failure to meet these terms, according to Russian sources, could lead to further military escalation and a more painful peace for Ukraine. However, Kyiv and NATO have consistently rejected these conditions.
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Chancellor Merz announced a firmer stance against Hungary and Slovakia for their consistent blocking of EU sanctions on Russia, threatening potential EU funding cuts. This action stems from their pro-Russian stances, exemplified by opposition to military aid for Ukraine and consistent vetoes of sanctions. Merz highlighted that while they are a minority within the EU, their actions cannot dictate the bloc’s decisions. He emphasized the availability of legal mechanisms to pressure both countries, including infringement proceedings and the suspension of EU funds.
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The EU is considering an 18th sanctions package against Russia, including disconnecting over 20 banks from SWIFT, lowering the G7 oil price cap to ~$45 per barrel, and banning the Nord Stream pipelines. These measures, alongside approximately €2.5 billion in new trade restrictions, aim to further cripple Russia’s economy and limit its access to Western technology. While requiring unanimous approval from all 27 member states, the package reflects continued EU resolve despite previous criticism of insufficiently strong sanctions. The proposals are currently under review by the European Commission.
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Following the EU Foreign Affairs Council meeting, Lithuanian Foreign Minister Kęstutis Budrys urged immediate commencement of work on the 18th EU sanctions package against Russia. This package should target Russia’s most vulnerable sectors, including energy, finance, and the defense industry, to counteract Putin’s delaying tactics. Budrys stressed the need for swift action, emphasizing that the previous sanctions package is already outdated and decisive measures are necessary to maintain credibility. The 18th package may include targeting banks from non-EU countries supporting Russia’s military. This follows discussions between Ukrainian President Zelenskyy and European Commission President von der Leyen regarding further restrictions on Moscow.
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The EU implemented its seventeenth sanctions package against Russia on May 20th, targeting nearly 200 vessels within Russia’s shadow fleet and addressing hybrid threats and human rights violations. This action follows previous announcements regarding increased pressure on Russia, including potential sanctions against supporting financial institutions. Work has already begun on an eighteenth package, potentially targeting banks outside the EU that aid Russia’s military. The EU’s stance remains firm: escalated Russian aggression will be met with progressively stronger countermeasures.
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The EU approved its 17th sanctions package against Russia, focusing on its “shadow” oil fleet used to circumvent existing export restrictions and targeting approximately 200 tankers. The package also adds dozens of Russian officials to the sanctions list for various offenses, including cyberattacks and human rights abuses. This relatively modest package reflects the increasing difficulty in achieving EU-wide consensus on new sanctions. Further, the EU issued a stark warning of “massive sanctions” should Russia reject a proposed ceasefire in Ukraine, emphasizing the potential for significantly harsher measures in the future.
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Discussions are underway regarding punitive tariffs on Russian imports as a potential EU sanction, a measure considered to circumvent Hungary’s resistance to broader trade restrictions. While the EU recently implemented its 17th sanctions package targeting Russia’s shadow fleet, direct talks between Ukraine and Russia in Turkey yielded little progress due to Putin’s absence. This lack of progress may lead to increased pressure for stronger sanctions, potentially including the punitive tariffs, if talks fail to produce a resolution.
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The Russian economy is significantly weaker than official reports from Moscow suggest, a finding that aligns with independent assessments and casts a long shadow over the country’s ongoing war in Ukraine. The discrepancies between the Kremlin’s pronouncements and the reality on the ground are substantial and point towards a much more precarious economic situation.
The reported inflation figures, for instance, are dramatically lower than the central bank’s interest rate, a significant red flag suggesting manipulation of data. This manipulation casts serious doubt on the validity of the reported GDP growth, which may well be concealing a deeper recession. The situation is far from rosy; a significant economic downturn is very likely underway.… Continue reading
John Q. Hosedrinker 
Matt Underwood