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EU Set to Finalize 18th Sanctions Against Russia

7/15/2025

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Summary

Story summary

The European Union is on the brink of finalizing its 18th sanctions package against Russia, introducing a floating oil price cap at 15% below the average market price, approximately $47 per barrel. This strategic move seeks to curb Russia's oil revenues, even as internal divisions within the EU, especially from Slovakia and Mediterranean countries, raise concerns about shipping repercussions.

History

Historical Context

In March 2014, the European Union imposed sanctions on Russia following its annexation of Crimea, targeting Russian energy exports that constituted about 70% of the country's federal budget. These sanctions have evolved, with recent measures aimed at further restricting oil revenues, reflecting ongoing geopolitical tensions and potentially reshaping energy policies and alliances within Europe and beyond.

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Story summary

The European Union is on the brink of finalizing its 18th sanctions package against Russia, introducing a floating oil price cap at 15% below the average market price, approximately $47 per barrel. This strategic move seeks to curb Russia's oil revenues, even as internal divisions within the EU, especially from Slovakia and Mediterranean countries, raise concerns about shipping repercussions.

1 / 2