EU Announces Tough New Sanctions Against Russia: Oil Price Cap Lowered, Nord Stream Pipelines Banned

Ursula von der Leyen's announcement of new sanctions against Russia has sent shockwaves through the international community. The 18th package, she confirmed, will include a significant reduction in the price cap for Russian oil, aiming to further cripple the Russian economy. In addition, the EU is planning to ban the use of the Nord Stream pipelines, effectively cutting off another crucial energy supply route. "We are determined to cut off this source of funding," von der Leyen stated, emphasizing the importance of these measures in limiting Russia's ability to fund its war efforts. The impact of these sanctions will be closely watched in the coming weeks and months. The reduction in the oil price cap, from $60 to $45 per barrel, is expected to further constrain Russia's revenue streams. While Russia continues to export oil, accounting for a third of its government budget, these sanctions represent a significant blow to the Russian economy and a clear demonstration of the West's commitment to supporting Ukraine.