EU hits at Russian oil industry with fresh sanctions as Ukraine war rages on

The EU sanctions package also bans transactions related to Russia's Nord Stream gas pipelines and its financial sector.

The European Union reached an agreement on an 18th sanctions package against Russia over its war in Ukraine, with a raft of measures aimed at dealing further blows to Russia's oil and energy industry.

European Union "just approved one of its strongest sanctions packages against Russia to date," said the EU's foreign policy chief Kaja Kalla. (REUTERS)

Its latest sanctions package on Russia will lower the G7's price cap for crude oil to $47.6 per barrel, diplomats told Reuters.

"The EU just approved one of its strongest sanctions packages against Russia to date," said the EU's foreign policy chief Kaja Kallas on X.

"We will keep raising the costs, so stopping the aggression becomes the only path forward for Moscow," added Kallas.

The sanctions package also bans transactions related to Russia's Nord Stream gas pipelines and its financial sector.

"I welcome the agreement on our 18th sanctions package against Russia. We are striking at the heart of Russia's war machine. Targeting its banking, energy and military-industrial sectors and including a new dynamic oil price cap," wrote European Commission President Ursula von der Leyen on X.