EU approves new sanctions with lower oil price cap

The EU agreed on an 18th sanctions package against Russia for its war in Ukraine, targeting its oil, energy and military sectors.

Transcript

00:00In other news, the European Union has agreed on an 18th sanctions package against Russia

00:05due to its war in Ukraine.

00:08The new rough-off measures aim to deal further blows to Moscow's oil and energy industry.

00:15The latest sanctions package will lower the G7's price cap for crude oil to US$47.6 per barrel.

00:23It also includes a ban on transactions related to Russia's Nord Stream gas pipelines,

00:30and targets the financial sector.

00:32EU Foreign Policy Chief Kayakalas described it as one of the strongest sanctions packages against Russia to date.

00:39She said the EU would continue to raise costs in a bid to stop Moscow's aggression.