Decision to Maintain Russian Oil Price Cap
Sanctions Strengthened After Drone Airspace Intrusions in the Baltic States

AFP Yonhap News

AFP Yonhap News

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The European Union (EU) has announced a new package of sanctions against Russia, including a ban on entry to EU member states for Russian soldiers who participated in the war in Ukraine. This move is seen as a response to the increasing level of Russian military provocations against Baltic coastal countries and other Eastern European nations.


On June 9 (local time), Ursula von der Leyen, President of the European Commission, announced the 21st package of sanctions against Russia in Brussels. President von der Leyen stated, "For the first time, we are proposing to prevent anyone who has served in the Russian military since the outbreak of the war in February 2022 from setting foot in the EU," and emphasized, "Anyone who participated in the invasion of Ukraine will not be allowed to enter Europe."


This is the first time the EU has banned entry to its member states for Russians who fought in the war in Ukraine. Recently, incidents involving drone airspace intrusions have occurred successively in the three Baltic states—Lithuania, Estonia, and Latvia—and suspicions of Russian interference in elections in various Eastern European countries have grown, leading to a significant strengthening of sanctions against Russia.


Previously, starting last month, Russia and Ukraine engaged in drone operations against each other, during which both Russian and Ukrainian drones repeatedly violated the airspace of the three Baltic states. In Latvia, former Prime Minister Evika Silina resigned and the coalition government collapsed on May 14, taking responsibility for the failure to defend national airspace. Additionally, Russia is suspected of illegally interfering in elections not only in Moldova, a neighboring country of Ukraine, but also in Hungary and Armenia, which recently held parliamentary elections.


The EU's new sanctions package also targets Russia's financial, energy, and fisheries sectors. First, to restrict Russia's oil export revenues, the EU has decided to maintain the current price cap on Russian crude oil until January next year. Currently, the EU's price cap for Russian crude oil is set at $44.10 per barrel, which is about half the actual international oil price.



Furthermore, the EU will restrict the sale of liquefied natural gas (LNG) carriers to Russia and plans to impose additional sanctions on 30 vessels associated with the so-called "shadow fleet" that Russia has used to circumvent oil export sanctions. The new package also includes prohibiting transactions with 31 Russian banks, imposing restrictions on cryptocurrency trading, and placing export limits on metals and alloys used in the aerospace and defense industries, as well as certain seafood products.


This content was produced with the assistance of AI translation services.

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