🏛️ EU debates moving frozen Russian assets and ending oil price cap

Oneliner

The EU is deliberating a significant shift in its approach to frozen Russian assets and sanctions against Moscow. A proposal to transfer €210 billion of frozen funds to a new EU-controlled custodian aims to enhance support for Ukraine. Concurrently, the EU is considering a complete ban on maritime services for Russian oil tankers, potentially ending the existing price cap mechanism. These measures require unanimous approval from all 27 member states and are expected to be finalized by February 24, coinciding with the war's four-year anniversary.

Key points

• The EU is considering moving €210 billion of frozen Russian assets to a new custodian for strategic use.
• A proposed ban on maritime services for Russian oil tankers could end the existing price cap mechanism.
• The 20th sanctions package aims to strengthen pressure on Russia amid ongoing military conflict.
• Unanimous approval from all 27 EU member states is required for the new sanctions to take effect.

Links

• Reuters: EU can gain by moving Russia's frozen funds
• Euronews: Newsletter: Kallas urges EU to force Russia's hand in Ukraine talks
• wydarzenia.interia.pl: Kijów pilnie wzywa sojuszników. Chcą zakazu w całej Unii Europejskiej
• wiadomosci.wp.pl: Ukraina przekonuje: Zakaz wjazdu do UE dla rosyjskich żołnierzy
• Euronews: Why the EU wants to end the price cap on Russian oil

Facts

• The EU has frozen approximately €210 billion of Russian sovereign assets.
• The proposed ban on maritime services for Russian oil tankers is part of the 20th sanctions package.
• The price cap on Russian oil was introduced in December 2022 and is currently set at $44.10 per barrel.
• Unanimous approval from all 27 EU member states is required for the new sanctions to take effect.

Quotes

• No shipments. No insurance. No repairs in port. Pressure on Russia must increase — Maria Stenergard, Swedish Foreign Minister.
• It's not about the person, but it's actually about really getting concessions from the Russian side — Kaja Kallas, EU Foreign Policy Chief.

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