Brussels, July 18 -- The European Union (EU) approved a new round of sanctions against Russia today, the EU High Representative for Foreign Affairs and Security Policy Kaja Kallas said.
"The EU just approved one of its strongest sanctions packages against Russia to date," Kallas wrote on the social media platform X.
The package contains a provision to lower the price cap on Russian oil sold to third countries by 15% below the market rate.
Initially set at $60 per barrel by the G7 in 2022, the cap under this new EU scheme will launch at $47.6, with the flexibility to adjust in line with future oil price movements.
As part of the package, measures are also included to ensure that the Nord Stream 1 and 2 gas pipelines in the...