New EU sanctions to hit Russia hard - Polish minister
The latest package of sanctions imposed by the European Union (EU) on Russia over its war on Ukraine will be a major blow to the Russian oil-based economy, even if the United States does not follow suit, the Polish EU minister has said.
On Friday, the European Union approved its 18th package of sanctions against Russia over its war on Ukraine, targeting the country's energy and banking sectors, as well as its so-called "shadow fleet" of tankers that are circumventing international sanctions on oil exports.
The EU has also introduced a price cap on oil imports from Russia at 15 percent below its market price from the past three months.
"We are very pleased to see this package of sanctions," Adam Szlapka told reporters in Brussels later in the day, adding that Poland had been involved in its preparation during the country's six-month EU presidency which ended in June.
"It represents a major blow to Russia's potential, as its strength is largely based on a rather primitive economy, mostly reliant on exporting unprocessed fossil fuels," he said.
Szlapka also expressed his conviction that the newly lowered price cap on Russian oil would prove effective, even if the US chooses not to adopt it.
The US had previously introduced a price limit on oil imports from Russia under the former president, Joe Biden. His successor, Donald Trump, has kept the cap unchanged, despite ongoing pressure from the EU and the United Kingdom to lower it. (PAP)wpb/jch
