FAST FIVE: 8th EU Sanctions, Oil Price Cap Will "Make Kremlin Pay" For 'Sham' Referendums: Von Der Leyen

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“We do not accept the sham referenda and any kind of annexation in Ukraine, and we are determined to make the Kremlin pay for this further escalation,” von der Leyen told a scheduled press briefing in Brussels.

The new package when implemented is “expected to deprive Moscow of an additional 7 billion euros ($6.7 billion) in revenues,” according to the EC chief's announcement.

Sept.28 press briefing in Brussels on Ukraine conflict and Russia sanctions.

Though it doesn't extend directly to shipping, a June sanctions package saw EU countries agree to block European companies from providing insurance and financial services for Russia's seaborne oil.

As Bloomberg observed last week, when the price cap plan again came into central focus amid Putin's 'partial mobilization' and escalation in Ukraine: “Representatives of national governments in Brussels will aim to reach a preliminary deal on the price cap ahead of an informal gathering of EU leaders in Prague on Oct.

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