Core Viewpoint - The European Union has agreed on a new round of sanctions against Russia, focusing on significantly lowering the price cap on Russian oil and implementing a series of new financial and trade measures [1][2] Group 1: Oil Price Cap Mechanism - The new dynamic oil price cap mechanism will set the price for Russian oil exports to third countries at 15% below the average market price, reducing the price from $60 per barrel to approximately $47.60 [1] - This price cap will be reviewed every six months to adapt to market price changes [1] - The G7 initially established the price cap agreement in December 2022 to prevent Russia from funding its invasion of Ukraine [1] Group 2: Sanctions on Shipping and Financial Institutions - The 18th round of sanctions includes measures against 105 vessels in Russia's "shadow fleet," which are used to circumvent the price cap, bringing the total number of sanctioned vessels to over 400 [2] - The sanctions further prohibit transactions with 22 Russian banks [2] - A new trading ban related to the Nord Stream 1 and 2 gas pipelines has been introduced, aimed at preventing maintenance, operation, or future use of these pipelines, which have not been operational since 2022 [2] Group 3: Military Supply Restrictions - The sanctions also target 26 entities that supply the Russian military-industrial complex, further restricting Moscow's access to dual-use technologies [2]

Core Viewpoint - The European Union is advancing a new price cap mechanism for Russian oil trade, aiming to further reduce the price of Russian crude oil and maintain long-term sanctions pressure [1] Group 1: Price Cap Mechanism - The EU plans to lower the current price cap of $60 per barrel and introduce a mechanism for automatic adjustments every three months based on market prices [1] - The new cap will be set at a level 15% below the 10-week average oil price, potentially reducing the cap to approximately $50 per barrel based on current oil prices [1] Group 2: Member States' Stance - Shipping nations such as Greece, Malta, and Cyprus, which previously expressed reservations, are now showing a more open attitude towards the proposal [1] - The final proposal still requires approval from all member states, indicating ongoing discussions and negotiations within the EU [1] Group 3: Current Price Cap Issues - The existing price cap has faced criticism for its ineffective enforcement, yet it remains a crucial basis for Western sanctions against Russian oil [1]