Von der Leyen: as part of further sanctions, lowering the price cap on Russian oil

The President of the European Commission, Ursula von der Leyen, stated on Friday that Vladimir Putin’s absence during the negotiations in Istanbul shows that he does not want peace. Therefore, as she announced, the EU will impose the 18th sanctions package, which will hit Nord Stream 1 and 2 as well as the Russian financial sector. The Commission will also propose lowering the price cap on oil from Russia.

Von der Leyen, participating in the summit of European leaders in Tirana on Friday in the format of the European Political Community, acknowledged that Putin’s actions clearly show that he does not want peace.

“First, he called for a ceasefire in connection with the anniversary of May 9 (commemorating the end of World War II – PAP), which he himself did not respect. Then Ukraine, with the support of the European Union and the United States, called for a full and unconditional ceasefire for 30 days, which President Putin rejected. Finally, (the Kremlin) proposed a meeting directly between Ukraine and Russia in Turkey, which President Volodymyr Zelensky was ready to attend, but President Putin did not show up” – she enumerated.

“Therefore, we must increase pressure on Putin until he is ready for peace,” von der Leyen emphasized. As she informed, the Commission is working on the 18th sanctions package, which will include sanctions on the Nord Stream 1 and Nord Stream 2 pipelines.

Earlier, the Commission announced sanctions on the Gazprom-owned consortium Nord Stream 2 based in Switzerland. After the Russian attack on Ukraine in February 2022, Germany decided that Nord Stream 2, which had just been completed at that time, would not be launched at all, while gas supplies through the Nord Stream 1 connection were cut off by Russia itself. EU sanctions, in fact, never hit the consortia managing the pipelines.

According to von der Leyen, the Commission will also propose lowering the price ceiling on Russian crude oil. Such a move will require an agreement in the G7 format, which includes the United States.

18. The package will – as the President of the Commission announced – also include sanctions on the financial sector in Russia.

The head of the Commission announced the inclusion of more ships from the so-called Russian shadow fleet on the blacklist. Russia transports oil with these vessels to sell it later at prices above the limit imposed by the West. (16.05.2025)