Moscow has downplayed the move’s potential impact on the Russian economy.
An oil well near Russia’s city of Nefteyugansk on Oct. 12, 2004. Tatyana Makeyeva/AFP via Getty Images
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The European Commission (EC) this week proposed an 18th sanctions package against Russia targeting the country’s energy, banking, and military-industrial sectors.
With the aim of driving down Russian oil revenue, the proposed sanctions package also calls for a further reduction of the G7’s price cap on Russian oil from $60 to $45 per barrel.
Adam Morrow covers the Russia-Ukraine war for The Epoch Times.
