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Investing.com -- The European Union (EU) is developing a new set of sanctions to intensify pressure on Russian President Vladimir Putin concerning the ongoing conflict in Ukraine, as stated by EU Commission President Ursula von der Leyen on Friday. This development was announced as leaders from across Europe congregated in Tirana, Albania.
The EU has already implemented 17 sanction packages, including one this week. However, diplomats indicate that achieving the required consensus among the 27 member nations of the bloc for additional measures is becoming increasingly challenging.
Von der Leyen, while referring to Putin, stated prior to the European Political Community summit in Albania that the Russian leader does not seek peace, which necessitates the need for amplified pressure. This is the reason the EU is formulating a new sanction package.
This proposed sanction package is expected to include measures such as sanctions on Nord Stream 1 and Nord Stream 2. It will also aim to list more vessels of the Russian shadow fleet, lower the oil price cap, and impose more sanctions on Russia’s financial sector.
Nord Stream 1 and Nord Stream 2, both consisting of two pipelines, were constructed by Russia’s state-controlled Gazprom (MCX:GAZP) to transport natural gas to Germany via the Baltic Sea. These pipelines were damaged by a series of explosions in 2022.
In order for the "massive" sanctions that European leaders have threatened in recent days to be effective, they would require the support of the United States, as per officials and diplomats.
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