“Strength is the only language that Russia will understand.” That’s what European Commission President Ursula von der Leyen said Tuesday as she unveiled a proposed eighteenth European Union (EU) sanctions package against Russia for its war on Ukraine. Among the proposals are a ban on transactions with Russia’s Nord Stream gas pipelines, additional sanctions on more than twenty Russian banks, and a lowering of the oil price cap from sixty dollars to forty-five dollars. Approval for the package now rests with the twenty-seven EU member states, and some elements of the package, such as lowering the oil price cap, could prove contentious this coming weekend at the Group of Seven (G7) meeting in Canada. Below, our experts explain what was announced and what is at stake.
1. What impact would this proposal have on the Nord Stream gas pipelines?
This package could put the final nail in Nord Stream 2’s coffin, providing a much overdue, decisive vision for the future of Russian pipeline flows to Europe. Ending this zombie project debate once and for all also sends a clear message to global liquefied natural gas producers, which may be hesitant to expand partnerships with the European buyers as long as a relapse to Russian gas dependence is a possibility. This checkmate move from the European Commission still needs approval from EU member states, as well as watertight language on sanctions implementation to prevent caveats or exemptions.
Voice of Ukraine 