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Investing.com -- The European Commission has put forth a new set of sanctions against Russia, targeting the nation’s energy earnings and military industry. The announcement was made by European Commission President Ursula von der Leyen on Tuesday.
This 18th package of sanctions proposes a ban on transactions with Russia’s Nord Stream gas pipelines and any banks involved in sanctions evasion. The Commission has also suggested a decrease in the Group of Seven nations (G7) price cap on Russian crude oil. The proposal recommends a reduction to $45 a barrel from the previous cap of $60 a barrel.
The proposed sanctions also include additional vessels that are part of Russia’s shadow fleet and oil trading companies. These proposals will be under discussion by EU countries throughout this week.
The sanctions are a response to Russia’s invasion of Ukraine and are aimed at further pressuring Moscow’s energy revenues and military industry. The European Commission continues to take steps to limit Russia’s economic capabilities following its aggressive actions in Ukraine.
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