European Union countries agreed Wednesday to impose a price cap on Russian oil and other new sanctions after Moscow illegally annexed four regions in Ukraine amid its monthslong war, EU officials said.
Diplomats struck the deal in Brussels that also includes curbs on EU exports of aircraft components to Russia and limits on steel imports from the country, according to an official statement from the Czech rotating EU presidency.
The 27-nation bloc will impose a ban on transporting Russian oil by sea to other countries above the price cap, which theby Dec. 5, when an EU embargo on most Russian oil takes effect. A specific price for the future cap has yet to be defined. A deal on the price cap was not easy to reach because several EU countries were worried it would damage their shipping industries. More details about the sanctions will be published as soon as Thursday.The new package of sanctions was proposed by European Commission President Ursula von der Leyen last week amid heightened security concerns over“We have moved quickly and decisively,” von der Leyen said as she welcomed the deal.
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