New oil price cap, de-SWIFTing, shadow fleet, Nord Stream and Chinese banks: what's in the new EU sanctions package against Russia

The new EU sanctions package against Russia includes a revised price cap on Russian oil, new disconnections of Russian banks from SWIFT, and sanctions against several entities, including those in China and other countries that help the Kremlin circumvent restrictions. Details were reported by EU diplomacy chief Kaja Kallas and Bloomberg, writes UNN.

Details”We stand firm. The EU has just approved one of the toughest sanctions packages against Russia to date,” Kallas wrote on X.

The head of EU diplomacy outlined the new restrictions:

• “further reducing the Kremlin’s war budget, targeting another 105 ‘shadow fleet‘ vessels and their enablers, and restricting Russian banks’ access to financing”;
• “Nord Stream” pipelines will be banned;
• “lowering the oil price cap“;
• “increasing pressure on the Russian military industry, Chinese banks that enable sanctions evasion, and blocking the export of technologies used in drones“;
• “for the first time, we are listing the flag of registration and Rosneft’s largest refinery in India“;
• sanctions also affect those involved in the ideological indoctrination of Ukrainian children.

“We will continue to raise the costs, so ending aggression becomes the only way forward for Moscow,” Kallas emphasized.

At the same time, Bloomberg provided details of the EU sanctions being introduced: the 18th EU sanctions package against Russia provides for the disconnection of about 20 more Russian banks from the international payment system SWIFT and a complete ban on transactions, sanctions against the Nord Stream gas pipelines to ensure they are not put into operation in the future, and restrictions imposed on Russian oil refined in third countries.

The new mechanism for the price cap on Russian oil, it is reported, will provide that the threshold will start somewhere in the range of $45-50 (compared to the current $60) and will be automatically reviewed at least twice a year based on market prices.

Other measures, according to Bloomberg, include:

• sanctions against dozens of vessels of Russia’s “shadow fleet” of oil tankers, bringing their total number to over 400, as well as against several organizations and traders working with the clandestine fleet;
• adding more goods to existing lists of restricted exports used by Moscow’s war machine;
• sanctions against several entities, including those in China and other countries, that are believed to be helping Russia circumvent the bloc’s trade and energy restrictions.

EU confirms approval of 18th package of sanctions against Russia: what are the new restrictions18.07.25, 09:51 • 7488 views