European Commission President Ursula von der Leyen on Wednesday proposed a set of new sanctions on Russia, including an oil price cap.
“We are determined to make the Kremlin pay for this further escalation,” von der Leyen said in a press conference, referring to Moscow’s partial military mobilization and the referendums in occupied regions of Ukraine, which have been derided as a sham by Western powers.
The sanctions package includes the legal basis for a price cap on Russia oil imports supported by the G7 countries as well as further import restrictions worth €7 billion ($6.7 billion), von der Leyen said.
The European Union announced new sanctions on Russia last week as a reaction to the referendums in Russian-occupied territories, which are illegal under international law.
The EU’s 27 member states now must negotiate and unanimously agree on the proposal.