EU plans to cap oil price, further restrict hi-tech exports amid new sanctions on Russia – sources

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EU prepares new sanctions against Russia after Putin’s belligerent speech

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Oil price caps, limits on exports of high-tech products and new blacklists

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Fragile EU unity needed for new sanctions

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EU leaders meet in Prague on October 6-7

BRUSSELS, Sept 22 (Reuters) – The European Union is considering a cap on oil prices, tougher restrictions on high-tech exports to Russia and more sanctions against individuals, diplomats said on Thursday, in response to a which the West has condemned as a new escalation in Moscow’s war in Ukraine.

The 27 EU countries were spurred into action by President Vladimir Putin’s nuclear rhetoric on Wednesday, announcing a partial mobilization for war and backing plans to effectively annex parts of eastern Europe. ‘Ukraine.

EU foreign ministers agreed at an ad hoc meeting on the sidelines of UN negotiations in New York to prepare new sanctions against Russia. The bloc’s top diplomat said they would consist of “economic and individual” measures.

EU chief executive Ursula von der Leyen, president of the European Commission, said they would include “additional controls on civilian technology exports”, according to comments reported by CNN.

Three EU Brussels diplomats said the new sanctions would center on an oil price cap matching that agreed by the world’s most industrialized powers in the G7 – a gathering also attended by France, Germany and Italy .

“We also fully expect other individual lists,” said one of the diplomats, all of whom spoke on condition of anonymity.

The person added that the oil cap is set to take effect from December, as is the EU embargo on Russian coal, while tighter restrictions on exports of high-tech products are meant to cripple production capacities. Russia on the battlefield.

New restrictions on luxury goods exports to Russia were also on the table. Russian hawks in the bloc, like Poland and the Baltics, have called for a ban on Russian diamond imports and the confiscation of frozen Russian assets in Europe.

Others, however, warned that this latest measure was unlikely to win the unanimous support of all EU countries needed to introduce sanctions.

Germany, the EU’s economic powerhouse, has so far banned tougher economic restrictions, while Hungarian Prime Minister Viktor Orban – who cultivates close ties to Putin – said on Thursday that all sanctions should be lifted .

“I don’t know how quickly we can agree on new sanctions,” an EU official said, noting that resistance to greater punishment of Moscow by some member states could slow things down.

The European Commission is expected to present a written proposal next week, and the EU’s 27 national leaders could endorse it when they meet in Prague on October 6-7, the sources said. (Writing: Gabriela Baczynska; editing: Kirsten Donovan)

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