The European Commission (EC) has proposed to the EU countries a new package of economic and individual sanctions against Russia, including the introduction of a cap on prices for Russian oil, head of the European Commission Ursula von der Leyen announced at a press conference in Brussels on Wednesday, TASS reports.
The EU leadership announced its intention to introduce new restrictive measures against Moscow, in particular, after the decision of the Donetsk and Lugansk People's Republics (DPR and LPR), Kherson region and the liberated regions of the Zaporozhye region to hold referendums on joining Russia.
"Russia has escalated the invasion of Ukraine to a new level," von der Leyen said noting that the EU is "determined to make Kremlin pay the price for this further escalation."
"Today, we are proposing a new package of biting sanctions against Russia," the head of the EC said.
Oil price cap
According to the head of the EC, Brussels proposed introducing a price cap for Russian oil.
""Today in this package we are laying the legal basis for this oil price cap," she said.
"Certain developing countries still need Russian oil <…> This oil price cap will help reduce Russia’s revenues on one hand and it will keep the global market for energy stable on the other hand," she explained.
Seeking to deprive Moscow of trade revenue over the conflict in Ukraine, the EU has proposed prohibiting also the import of Russian-made hygiene products, from soap and shaving items to toilet paper and deodorant, RT reports. The eighth wave of anti-Russian sanctions, unveiled in Brussels on Wednesday, would also ban the import of several steel products and attempt to impose a price cap on Russian oil.
“We do not accept the sham referenda and any kind of annexation in Ukraine, and we are determined to make the Kremlin pay for this further escalation,” European Commission President Ursula von der Leyen announced in Brussels. According to her, the proposed sanctions package is expected to deprive Russia of “an additional 7 billion euros ($6.7 billion) in revenues.”
The scheme requires EU residents to make do without Russian-made “beauty or make-up” products, shaving supplies, “personal deodorants,” dental floss, soap, and toilet paper, according to Politico.