
It is important to maintain sanctions against Russia, thus increasing pressure on the aggressor. We expect the 18th package of sanctions to be approved already this month before the upcoming European Council meeting, emphasised Edmunds Cepurītis, Chair of the Saeima European Affairs Committee. On Friday, 20 June, the Committee members approved Latvia’s position for the European Union’s Foreign Affairs Council meeting to be held next week.
“Latvia strongly supports measures that limit Russia’s income, including the potential risks of oil price increases. It is important that the existing and new sanctions are effective and that everything possible is done to prevent them from being circumvented. Similarly, a legal solution must be found as soon as possible to transfer all frozen assets of the Russian Central Bank to support Ukraine,” emphasised Cepurītis.
The European Union is continuing to work on the latest—already the 18th—package of restrictions in response to Russia’s full-scale invasion of Ukraine. It includes measures targeting Russia’s energy sector, including lowering oil price caps and imposing further sanctions on shadow fleet vessels.
The sanctions include a plan to lower the oil price cap from 60 to 45 dollars per barrel, as oil exports still account for a third of the Russian government’s revenue. The 18th round of sanctions also proposes measures against approximately 70 shadow fleet vessels used to circumvent Russian oil export restrictions.
Further sanctions against the financial sector and Russian banks are also envisaged, as well as additional restrictions on Russian imports into the European Union. Sanctions against individuals and companies supporting Russia’s aggression are also included.
Saeima Press Service