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The European Commission will propose lowering the Russian oil price cap and banning the use of node stream infrastructure as part of new sanctions against Moscow.
The committee is scheduled to present its 18th sanctions package against Moscow later on Tuesday as part of an effort to put pressure on Russia amidst stagnant peace talks with Ukraine.
According to three people familiar with the proposal, the package will include reducing the existing oil price cap from $60 per barrel to $45, and banning the use of Russia’s energy infrastructure, including two node stream pipelines.
People said the proposal also includes a list of additional Russian banks and shadow fleet ships.
It also includes safeguards to help protect Belgium. In Belgium, 190 billion euros of Russian central bank assets have been fixed by existing sanctions from Moscow’s lawsuits under bilateral investment treaties between the two countries.
The package currently needs to be discussed by EU member states.
Slovakia and Hungary have previously shown that they may oppose additional sanctions, which could complicate negotiations.
The two people said they were optimistic about finding an agreement on the package by the end of July and could persuade Hungary to oppose the previous package.
This is a developing story
