EU proposes 8th batch of sanctions on Russia over with Ukraine

By Garima Soni  | Date: 2022-09-29

EU proposes 8th batch of sanctions on Russia over with Ukraine

In response to Russias invasion of Ukraine, the executives of the European Union have reportedly suggested more sanctions against it, including stricter trade restrictions, a cap on oil prices for non-EU nations, and more individual blacklistings.

Notably, the proposal will now be sent to the 27 nations that make up the bloc, who must resolve their disagreements in order to enact the new measures.

The EU was propelled into action by Russia's military mobilization, nuclear threats, and move to annex a portion of Ukraine more than 200 days after invading the now-EU candidate & former Soviet republic. This, however, may take some time.

Ursula von der Leyen, President of the European Commission, told reporters that the EU rejected both the fake referendums and any annexation of Ukraine, and that it also intended to hold the Kremlin accountable for this latest escalation.

It is worth mentioning that it was previously agreed to implement such an oil price restriction through insurers by the G7 group of industrialized nations, which includes EU members France, Italy, and Germany.

Earlier on Wednesday i.e., 28th September, Oleg Ustenko, a top economic advisor to the President of Ukraine, Volodymyr Zelensky, urged the EU to further reduce money transfers from sales of fossil fuels to Russia.

He stated that anyone who was refraining from taking measures against Russia was just prolonging this war with Ukraine. He exclaimed his dismay and requested the entire civilized world to come together.

Ustenko claimed that unless European firms were prohibited from ensuring seaborne cargoes, blood money would continue to flow to Moscow, despite the EU putting a halt to importing Russian oil

Notably, a fresh trade embargo would cost Russia USD 6.8 billion in revenue losses, and the EU would also expand the list of forbidden exports to rob the Kremlin's military complex of innovative aspects.

According to the proposal, European businesses would be precluded from introducing added services to Russia, and its citizens would be banished from serving on the boards of Russian state-owned enterprises.

 

Source Credit:

https://www.hindustantimes.com/world-news/european-union-proposes-new-sanctions-against-russia-101664378141983.html

About Author

Garima Soni     aeresearch.net

Garima Soni

Despite starting her career in science, Garima always had a zeal for writing. She started out her writer journey as a freelancer which eventually turned into a full-time job. Now as an upcoming MBA professional, Garima pens down articles for BonafideNews and several o...

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