European Commission president Ursula von der Leyen has stated that the commission has proposed an eighth package of sanctions against Russia as Russia has escalated the invasion of Ukraine to a new level.
According to the proposal for the eighth package of sanctions, the EU will impose new import bans on Russian products to keep Russian products out of the European market and deprive Russia of an additional €7 billion in revenues. The commission also proposes new export bans on technologies for military complexes. These new export bans will additionally weaken Russia's economic base.
The EC president stated that the commission will also propose additional bans on providing European services to Russia, and a prohibition for EU nationals to sit on governing bodies of Russian state-owned enterprises.
Meanwhile, the G7 countries have agreed to introduce a price cap on Russian oil for third countries. This oil price cap will help reduce Russia’s revenues on the one hand and it will keep global energy markets stable on the other hand.
In addition, the commission is stepping up its efforts to crack down on circumvention of the sanctions.
