EU prepares 10th sanctions package against Russia
European Union countries prepare a 10th package of sanctions to take effect on February 24.
At a press conference in Kiev today, European Commission President Ursula von der Leyen said that the European Union plans to introduce the 10th package of sanctions against Russia on February 24.
"We will introduce with our G7 partners an additional price cap on Russian petroleum products, and by February 24 — exactly one year since the invasion started — we aim to have the tenth package of sanctions in place," Von der Leyen said.
Earlier today, a report published by The Economist revealed that the price cap on Russian gas is proving to be a flop for the West as the second round of sanctions on diesel and other refined EU products is due to take effect on February 5th.
Sales of Russian crude have not decreased as the West had hoped, and shipments have dodged European ports and headed to China and India instead.
In a report by The Economist, this moves towards the point of the price cap: to keep Russian crude on the market and thus keep the market stable but to curb its profits through the price.
In turn, this offers buyers negotiating power, considering that the longer export routes also pose higher freight costs which Russia has to compensate.
Some argue that Russian oil now sells at a 38% discount per price-reporting agencies, which Treasury Secretary Janet Yellen, who helped devise the price cap, sees as a success that the cap is working effectively.
Read more: Putin signs decree banning sales of oil to price cap abiding states
In December last year, the European Union imposed its ninth sanctions package on Russia, prohibiting citizens to hold governing posts in companies owned by the Russian state, the European Council said on Friday.
"As of today EU nationals will be forbidden from holding any posts on the governing bodies of all Russian State-owned or controlled legal persons, entities or bodies located in Russia," the press release read.
The European Union has a ban in place on certain consulting services to Russia.
The 27-nation bloc explained that its new decision bans the provision of EU advertising, market research and public opinion polling services, product testing, and technical inspection services for Russia and Russian-state-controlled companies.
Read next: Work on 10th anti-Russia package of sanctions underway: Polish envoy