European sanctions on the Russian oil and energy sectors and Moscow reduce its effects news

Russian National Security Council Vice -President Dmitry Medvedev expected that the Russian economy will stand in the face of the latest sanctions package imposed by the European Union, on Friday, on the oil and energy sectors.

The European Union agreed to impose the eighteenth sanctions package on Russia because of its war on Ukraine, which includes measures aimed at tightening restrictions on the oil and energy sectors.

The European Union will determine a variable roof of Russian crude prices, 15% less than the average market price, with the aim of improving the event after it has been proven that the current roof of $ 60 a barrel is largely ineffective since the Group of Seven Great Industrial Countries imposed in December 2022.

In a post on his official channel on the Telegram application, Medvedev, who has previously held the position of Russian presidency, said that the new sanctions will not do much to change Russia’s position in the conflict, just as previous sanctions tours failed to cause any impact.

Medvedev, who has emerged as one of the most prominent Kremlin hawks, said that Russia plans to intensify its strikes on Ukraine, explaining, “strikes will be directed against goals in the so -called Ukraine, including Kiev, with a greater force.”

In turn, the “Kremlin” spokesman Dmitry Peskov reduced the importance of the European Union’s move, which will aim, according to the current prices, to put a roof of the Russian crude price at about $ 47.60 a barrel.

On Friday, Brent crude futures increased a marginal increase to record about $ 70 a barrel.

“We have repeatedly said that we consider such unilateral unimaginable restrictions and oppose them … but at the same time we have gained a degree of immunity in the face of sanctions and we adapted to life with it,” Peskov told reporters.

The most powerful penal packages

“The European Union has just approved one of the strongest sanctions packages on Russia so far,” the union foreign policy official, Kaya Callas, said, adding that “we will continue to raise costs, so that stopping the aggression is the only way for Moscow from now on.”

Callas said that 105 ships of the Russian “Shadow Fleet” were included in the list of sanctions with Chinese banks “helping to evade the sanctions” without mentioning them by name.

The shadow fleet is a term used by Western officials to refer to the ships and carriers that Moscow uses to evade the sanctions of the oil sector.

European Commission President Ursula von der Line on X welcomed the agreement on the new sanctions package on Russia, adding, “We strike the Russian war machine at the core, targeting its banking, energy and military industries, through things, including setting a new maximum oil prices.”

Britain has also announced that it would join the step of determining a price of a Russian crude. She said that “will strike Moscow’s oil revenues, which are revenues that it uses to finance war allocations on Ukraine.”

British Finance Minister Rachel Reeves said at a meeting of the Group of Twenty in South Africa that Britain and its European Union allies “narrow the screws to reduce the war allocations for the Kremlin by further pressure on its greatest financing sources in the Ukraine war.”

Dealers doubt that the new sanctions imposed by the European Union will greatly block Russian oil exports, according to Reuters.

Russia was able to sell most of its oil, which is the main artery for the state’s money, which exceeds the current price ceiling because this mechanism does not clarify the party that must monitor the implementation of this ceiling.

Ukrainian welcome

Ukrainian President Folodimir Zellinski welcomed the decision and described him as “necessary and came in his time” with Russia’s intensification of the air warfare over Ukrainian cities and villages.

Zellinski thanked the European Union for the sanctions package, calling for more punitive measures against Moscow for its invasion of Ukraine more than 3 years ago.

“This decision is essential and at the appropriate time, especially, as it has responded to the fact that Russia has intensified the brutality of strikes on our cities and villages,” Zellinski wrote on the X platform.

And Ukraine Foreign Minister André Sigga said it was “one of the strongest penal packages” so far. He added that “depriving Russia of oil revenues is vital to putting an end to its aggression.”