EU and Allies Strategize to Strengthen Sanctions on Russia

The European Union, along with 12 partner countries, convened in Brussels to discuss Western sanctions on Russia and fortification of the G7 price cap on Russian oil. The G7 set a price cap on Russian oil at $60 a barrel to limit Russia's war financing. EU sanctions envoy David O'Sullivan led the meeting, emphasizing ongoing enforcement efforts.

In a concerted effort to evaluate and strengthen sanctions against Russia, the European Union and 12 partner nations gathered in Brussels. Discussions focused on the Western sanctions' effectiveness and bolstering the G7 price cap on Russian oil, according to the EU Commission.

The G7, collaborating with the EU, established a price cap in late 2022, restricting access to Western shipping services and insurance for oil purchased above $60 a barrel. This measure aimed to curb Moscow's war funding. However, Russia's shadow fleet of tankers has weakened the sanctions' impact.

Leading the meetings was EU sanctions envoy David O'Sullivan. Highlighting the need for persistent enforcement, he noted, 'This is the fourth time we meet in Brussels... there is more that needs to be done.' The EU is also considering targeting financial institutions and specific product transit routes utilized by Russia's military, with China cited as a significant challenge.

(With inputs from agencies.)