The European Union has proposed new Russian sanctions that would replace its price cap on Russian oil with a ban on maritime services, while also barring imports of some metals, chemicals and critical minerals.
The European Commission, the EU’s executive branch, released the proposal on Friday. All EU member states have to approve the package before it goes into effect.
The penalties would represent the EU’s 20th sanctions package against Russia since Moscow launched its full-scale war against Ukraine in 2022.
If approved, the new measures could see European companies prohibited from providing services such as the insurance and transportation needed to move Russia’s oil, regardless of the commodity’s price, Bloomberg previously reported. The restrictions against metals could cover iridium, rhodium, platinum and copper, Bloomberg reported.