The European Union (EU) has introduced the eighth package of sanctions against Russia, which provides for a ban on the sea transportation of oil from Russia at a price above the established ceiling from December 2022 and on the same transportation of oil products from February. The statement was published on the website of the European Commission.
The package included a ban on servicing crypto-wallets of citizens and residents of Russia.
The new sanctions also expand the ban on the import and export of goods, including steel products, machinery, chemicals, plastics and cigarettes, and introduce a ban on the export of technical products for the aviation industry. In addition, sanctions provide for punishment for participants in circumvention schemes.
The package included a ban on providing Russian companies with IT, engineering and legal services and a ban for citizens of EU countries to hold senior positions in a number of Russian state-owned companies.
On October 5, members of OPEC + agreed to a record reduction in oil production since 2020 – immediately by 2 million barrels per day. It is assumed that such a measure will keep current oil prices in the region of $90-100 per barrel. Prior to the OPEC+ decision, it was reported that the EU as a whole decided to join the measures to reduce Russia's oil revenues. Experts noted that the Russian oil price ceiling mechanism would reduce the supply of Russian oil on the market, which, in turn, would lead to an increase in energy prices.