The European Union strengthens its sanctions against Russia, while waiting for Washington

This package of sanctions, the 18th since Russia's invasion of Ukraine in February 2022, is "one of the most severe against Russia to date," assured the head of European diplomacy, Kaja Kallas.

These include, among other things, a lowering of the ceiling on the price of exported Russian crude oil, now set at just over 45 dollars per barrel (47.6 dollars), or 15% less than the average price of a barrel of Russian oil on the market.

The mechanism prohibits any oil company, merchant fleet, etc. from selling Russian oil above a certain price, under penalty of sanctions.

"At the right time"

"Together, we are intensifying pressure on Russia to secure an unconditional ceasefire," French President Emmanuel Macron stressed.

"This decision is essential and comes at the right time," Ukrainian President Volodymyr Zelensky reacted on the social network X. The Kremlin, for its part, affirmed that it would ensure the consequences of these sanctions were "minimized," promising that they would have "negative effects" for Europeans.

The EU has banned all imports of Russian oil into its territory, but Moscow continues to export its crude to other countries, including India and China.

"Oil exports still account for a third of Russia's revenue," European Commission President Ursula von der Leyen stressed in June.

To reduce this windfall, which is essential for Russia to finance its war against Ukraine, the G7 decided at the end of 2022 to set a maximum selling price of $60 per barrel. But this price is now considered too high, given the current downward trend in the market value of oil.

And if this drop in oil prices were to be confirmed, the new mechanism would allow the trend to be followed, while always remaining 15% below the average price, a system considered more flexible and efficient than the previous one.

Keep the pressure on

According to Ms. Kallas, the $60 ceiling has reduced Russian oil revenues, which are essential to financing the conflict, by 30 percent.

It is all the more effective because it is applied by all G7 countries, which will not be the case this time, as the United States has not yet decided on a new threshold.

Other G7 countries could nevertheless join the European mechanism, including Japan and Canada, according to diplomats.

Europeans, including France, had promised "massive" sanctions several weeks ago if the Russian president continued to refuse any ceasefire, with the hope that the United States would follow suit.

The operation was complicated by a veto from Slovakia and by the reluctance of Donald Trump.

Bratislava has finally agreed to lift its veto, and the European Union now hopes the United States will join it in the coming weeks, once the deadline set by the American president expires. Donald Trump gave Moscow 50 days to make peace on Monday, or face heavy sanctions against its allies.

"Together with the United States, we will force Vladimir Putin to a ceasefire" in Ukraine, affirmed French Foreign Minister Jean-Noël Barrot.

However, Russia quickly sought to circumvent these sanctions by using a "ghost" fleet of oil tankers, estimated to number more than 500, which the EU has already targeted.

As part of this 18th round of sanctions, the 27 added 105 "ghost" oil tankers to their blacklist of ships, which now stands at 444, the European Commission said in a statement.

The EU also added 22 entities, including 11 non-Russian ones, targeting companies operating "ghost" ships or helping Russians circumvent sanctions. "For the first time," the EU targeted an oil refinery owned by the Russian group Rosneft in India, Ms. Kallas said.

The Europeans also strengthened their financial sanctions by adding 22 banks to the 23 already banned from accessing the international payments system, Swift.

The EU also adopted new sanctions against the currently halted Nord Stream gas pipeline to ensure that it cannot be reactivated.