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(Bloomberg) — European Union states have approved a fresh sanctions package on Russia over its war against Ukraine, which includes a revised oil price cap and new banking restrictions, after Slovakia lifted its veto.
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The package, the bloc’s 18th since Moscow’s full scale invasion, will see about 20 more Russian banks cut off the international payments system SWIFT and face a full transaction ban, sanctions on the Nord Stream gas pipelines to ensure they aren’t brought back into operation in future, and restrictions imposed on Russian petroleum refined in third countries.
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The price cap on Russian oil, which is currently set at $60 per barrel, will be set dynamically at $15 below market rates moving forward. The new mechanism will see the threshold start off somewhere between $45-$50 and automatically revised at least twice a year based on market prices, Bloomberg previously reported.
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The bloc’s envoys backed the sanctions on Friday morning. The package is set to be approved later Friday at a meeting of EU ministers in Brussels.
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Other measures include sanctions on dozens more vessels in Russia’s shadow fleet of oil tankers, bringing the total above 400, as well as on several entities and traders that work with the covert fleet; the addition of more goods to existing export lists of restricted items used by Moscow’s war machine; and sanctions on several entities, including in China and elsewhere, that are seen to aid Russia skirt the bloc’s trade and energy restrictions.
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The package had been held up for weeks by Slovakia as it was seeking relief from an EU plan to phase out Russian fossil fuels. Prime Minister Robert Fico announced on Thursday that he was lifting his country’s veto after accepting guarantees provided by the European Commission.
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