What's happened
On June 17, the European Commission will propose measures to end the EU's dependence on Russian energy supplies, following years of efforts post-Ukraine invasion. This includes a new sanctions package targeting banking and energy sectors, aiming to pressure Russia into negotiations.
What's behind the headline?
Key Points of the EU's Strategy
- Sanctions Package: The EU's 18th sanctions package aims to increase pressure on Russia, focusing on banking and energy sectors. This includes a proposed ban on the Nord Stream pipelines and a reduction of the G-7 oil price cap from $60 to $45 per barrel.
- Political Pressure: European Commission President Ursula von der Leyen emphasized that 'strength is the only language that Russia will understand,' indicating a shift towards more aggressive measures.
- International Coordination: The EU seeks support from the US for the new oil price cap, highlighting the importance of transatlantic cooperation in addressing the crisis.
Implications for the Future
- Energy Security: The proposed measures are part of a broader strategy to enhance energy security in Europe, reducing vulnerability to Russian supplies.
- Economic Impact: The sanctions are expected to further strain Russia's economy, potentially leading to significant geopolitical shifts in the region.
- Negotiation Leverage: By ramping up sanctions, the EU aims to bring Russia back to the negotiating table regarding its actions in Ukraine.
What the papers say
According to Bloomberg, the EU's latest sanctions package is designed to 'bring the Kremlin to the negotiating table' by targeting critical sectors like banking and energy. Ursula von der Leyen stated, 'Russia continues to bring death and destruction to Ukraine,' reinforcing the EU's commitment to increasing pressure on Moscow. Meanwhile, Politico highlights the urgency of these measures, noting that the EU is building support in Washington for the new sanctions ahead of the G7 summit, where the oil price cap will be a key topic of discussion. This coordinated effort underscores the EU's strategy to unify international responses against Russia's aggression.
How we got here
The EU has been working to reduce its reliance on Russian energy since the invasion of Ukraine in 2022. Recent sanctions packages have targeted various sectors, including banking and energy, to weaken Russia's economic position.
Go deeper
- What are the implications of the new sanctions?
- How will the G7 summit influence EU policies?
- What is the timeline for implementing these measures?
More on these topics
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Ukraine is a country in Eastern Europe. It is the second-largest European country after Russia, which borders it to the east and northeast.
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The European Union is a political and economic union of 27 member states that are located primarily in Europe. Its members have a combined area of 4,233,255.3 km² and an estimated total population of about 447 million.
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Russia, or the Russian Federation, is a transcontinental country located in Eastern Europe and Northern Asia. Covering an area of 17,125,200 square kilometres, it is the largest country in the world by area, spanning more than one-eighth of the Earth's in
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Ursula Gertrud von der Leyen is a German politician and the president of the European Commission since 1 December 2019. She served in the federal government of Germany from 2005 to 2019 as the longest-serving member of Angela Merkel's cabinet.