Stay informed with free updates
Simply sign up to the War in Ukraine myFT Digest — delivered directly to your inbox.
The European Commission is to propose lowering the Russian oil price cap and banning the use of Nord Stream infrastructure as part of a fresh round of sanctions against Moscow.
The commission is due to present its 18th package of sanctions against Moscow later on Tuesday, as part of efforts to ratchet up pressure on Russia amid stalled peace negotiations with Ukraine.
According to three people familiar with the proposal, the package will include lowering the existing oil price cap from $60 to $45 per barrel, as well as banning the use of Russian energy infrastructure, including the two Nord Stream pipelines.
The people said the proposal would also include the listing of additional Russian banks and shadow fleet vessels.
It would also include safeguards to help protect Belgium, where €190bn in Russian central bank assets have been immobilised by existing sanctions, from lawsuits from Moscow under a bilateral investment treaty between the two countries.
The package now needs to be discussed by EU member states, who must adopt it with unanimous support.
Slovakia and Hungary have previously indicated they could oppose additional sanctions, potentially complicating negotiations.
Two of the people said they were optimistic about finding agreement on the package before the end of July, having managed to convince Hungary to drop its opposition to previous packages.
This is a developing story
Read the full article here