New EU sanctions package expected to be a game-changer in the war
The sanctions were adopted after several weeks of delay due to Slovak Prime Minister Robert Fico blocking the decision over the proposed ban on Russian energy imports, with Hungary also supporting this position. The Slovak government finally lifted its veto on Thursday evening.
As part of the new sanctions package, the G7's price cap on Russian crude oil will decrease to USD 47.6 per barrel, diplomats told Reuters.
The EU just approved one of its strongest sanctions package against Russia to date,
Kaja Kallas, EU Foreign Affairs Representative, wrote on X.
"We will keep raising the costs, so stopping the aggression becomes the only path forward for Moscow," Kallas added. She also stated that Europe stands firm in not backing down from supporting Ukraine and that the European Union will continue to increase pressure on Russia until it ends the war.
Slovak Prime Minister Robert Fico announced on Thursday evening that Slovakia would no longer block the European Union's 18th sanctions package against Russia, claiming that his country had achieved what was possible at this point.
With his veto, Fico sought written guarantees from the European Commission for cases where Russian gas cuts might cause economic damage: Brussels promised to implement 'emergency brakes' in case of drastic gas price increases and offered legal support if Gazprom were to claim compensation for terminating long-term contracts.
The newly adopted sanctions package
- introduces a variable oil price cap,
- strengthens action against banks that enable sanctions evasion, and
- bans remaining gas trade through Nord Stream pipelines.
Following Slovakia's change in position, the decision primarily rested with Hungary, but the Hungarian government did not oppose the adoption of the new restrictions.
Cover photo (for illustration purposes only): EU
