EU executive proposes new sanctions against Russia

BRUSSELS, Sept 28 — The European Union executive proposed today fresh sanctions against Russia over its war against Ukraine, including tighter trade restrictions, more individual blacklistings and an oil price cap for third countries.

“We do not accept the sham referenda nor any kind of annexation in Ukraine. And we are determined to make the Kremlin pay the price for this further escalation,” European Commission President Ursula von der Leyen told reporters.The G7 group of industrialised countries - of which EU countries Italy, France and Germany are also members - already agreed to put such an oil price cap in place via insurers.

While the EU already agreed to stop importing Russian oil starting later this year, Ustenko said the “blood money” would keep on flowing to Moscow unless European companies were banned from insuring seaborne shipments.EU countries need unanimity to impose sanctions and Hungary - where Prime Minister Viktor Orban cultivates close ties with Russian President Vladimir Putin - has been their loudest critic inside the bloc, which is split on the oil price cap.

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