European Union Announces 18th Round of Sanctions
The European Commission on June 10 proposed an 18th round of sanctions against Russia. The proposal, announced by Commission President Ursula von der Leyen and High Representative Kaja Kallas, targets Russia's energy, military industry and banking sector.
It has proposed a transaction ban for Nord Stream 1 and Nord Stream 2 and added 77 vessels transporting Russian oil to the list, bringing the total to over 400. It has also proposed to lower the oil price cap from $60 to $45 per barrel and ban imports of refined products made in third countries using Russia crude. It has blacklisted an additional 22 Russian banks which would ban them from the SWIFT financial messaging services based in Belgium.
The reduced oil price cap will be discussed at the 2025 G7 Summit in Kananaskis, Alberta from June 15 to 17, China Daily informs. Asked if the EU would go it alone on the price cap, von der Leyen suggested it would not, at least not for the time being. "My assumption is that we do that together as G7," she said, adding: "We started as G7, it was successful as a measure from the G7, and I want to continue this measure as G7."
But adopting the sanctions requires unanimous agreement by all 27 EU member states, and Hungary and Slovakia have criticized the proposed sanctions, saying they harm the EU's economy more than Russia's.
The Slovak parliament approved a resolution on June 5 urging the government not to vote in favour of new EU sanctions on Russia. "If there is a sanction that would harm us, I will never vote for it," Slovak Prime Minister Robert Fico said on June 8.
Ding Chun, director of the Centre for European Studies at Fudan University, said the EU's latest move is to reinforce sanctions on Russia's energy, financial and technological sectors. It also shows that U.S. President Donald Trump's efforts to mediate a ceasefire between Russia and Ukraine have not been effective.
"In a certain way, it is pressuring the Trump administration and highlighting the EU's role in the conflict," Ding said.
The move to impose more sanctions on Russia is "likely to face opposition from some member states and a less cooperative U.S. government," China Daily reports, citing officials and experts. "U.S. Treasury Secretary Scott Bessent was also skeptical about the oil price cap move when it was discussed at a G7 finance ministers' meeting [in May]. U.S. Senator Lindsey Graham, who has been lobbying for a 500 per cent tariff on any country that buys Russian oil, applauded the new EU proposal," posting on X: "Well done to our European allies."
Graham's bill was sharply criticized by Senator Rand Paul, who said on X, "The Graham tariff bill would shut down trade with China, India, Türkiye, half of the EU, and dozens more just for buying energy from Russia. It could trigger a global depression. One of the most reckless, ill-conceived economic proposals I've ever seen."
This article was published in
Volume 55 Number 6 - June 2025
Article Link:
https://cpcml.ca/Tmlm2025/Articles/M5500616.HTM
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