The EU will stop importing refined products made with Russian crude oil and push for a lower price cap on the fossil fuel, as part of a fresh round of sanctions against Moscow for its war in Ukraine.
The European Commission on Tuesday also proposed to extend a financial transaction ban on Russian lenders to third countries, and prohibit the use of the Nord Stream gas pipelines to Germany as part of its 18 packages of sanctions since 2022.
The measures are designed to ratchet up pressure on Russia amid stalled peace negotiations, as well as on companies and countries that have enabled the Kremlin to circumvent the existing sanctions regime.
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