New EU Sanctions on Russia

The new sanctions package is expected to pave the way for the EU to declare a price cap on the oil it imports from Russia.

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The new sanctions package is expected to pave the way for the EU to declare a price cap on the oil it imports from Russia.

On September 28th, the EU Commission announced new sanctions against Russia. According to Yahoo Finance, this eighth sanctions package

includes further import bans on Russian products, expected to deprive Moscow of an additional 7 billion euros ($6.7 billion) in revenues, and more export bans on key technology used for the military such as aviation items, electronic components, and specific chemical substances, [Commission President] von der Leyen announced.

The new sanctions package is also expected to pave the way for the EU to declare a price cap on the oil it imports from Russia. Reuters reports that such a cap has already been agreed upon by the G7 group of industrialized countries, while Business Insider and Bloomberg cite disagreements among EU countries and other factors possibly delaying the cap.

Danish public-service broadcaster DR quotes EU Commission President von der Leyen as motivating the new sanctions with Russia’s “unlawful attempts to steal land areas and by use of force change internationally recognized borders.” 

In their announcements of the sanctions, official EU sources make no mention of the alleged sabotage against the Nordstream pipelines.

Sven R Larson, Ph.D., has worked as a staff economist for think tanks and as an advisor to political campaigns. He is the author of several academic papers and books. His writings concentrate on the welfare state, how it causes economic stagnation, and the reforms needed to reduce the negative impact of big government. On Twitter, he is @S_R_Larson and he writes regularly at Larson’s Political Economy on Substack.

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