💥 The European Union is considering disconnecting over 20 russian banks from the SWIFT international payment system. It also plans to lower the oil price cap to $45 per barrel and impose sanctions on the “Nord Stream” pipelines.
Source: “Espreso”
📊 According to Bloomberg, the European Commission is consulting with member states on implementing these restrictions. Specific timelines have not yet been determined.
💸 As part of the new package, additional transaction bans for another two dozen banks and trade restrictions worth €2.5 billion are being considered to reduce russia’s revenues and its access to weapons and technology.
🛢️ The European Commission also plans to propose lowering the G7-set oil price cap from $60 to $45. Support from the United States is required for this move.
🇩🇪 The sanctions plan regarding “Nord Stream” already has the backing of Germany. Chancellor Friedrich Merz recently stated the need for European measures against “Nord Stream 2.”
🚢 Separate measures are being considered to tighten sanctions against russia’s shadow tanker fleet, banks supporting military operations, and the Russian Direct Investment Fund.
🛡️ The new sanctions package — the 18th since the full-scale invasion in 2022 — will also include provisions to protect EU companies from arbitration claims under bilateral investment treaties.