Good afternoon.
Today, we are adopting a crucial sanctions package against Russia, highlighting its refusal to seek peace. Russia is escalating its war in Ukraine.
Maternity hospitals and civilian infrastructure are not military targets. This is an illegal war.
Russia poses a threat, and we must act to support Ukraine while applying pressure on Russia.
The upcoming EU sanctions will target Russias energy revenues, military industry, and banking sector.
We propose adding 77 vessels transporting Russian oil to our sanctions list, bringing the total to over 400. When sanctioned, these vessels cannot dock in ports, forcing Russia to seek new, costly alternatives.
We also propose lowering the oil price cap from [$]60 to [$]45, impacting Russias revenue. Sanctions on the Nord Stream pipelines will prevent future revenue generation, signaling that we will not return to business as usual.
In the banking sector, we are transforming the ban on Swift services into a full transaction ban, adding 22 new banks to the list of blocked institutions.
Regarding the military industry, we are targeting companies involved in weapon production, including those in third countries.
Today, we suggest adding 22 new companies, including from China and Belarus, to the list facing stricter dual-use goods restrictions, raising the total to over 800.
Sanctions work. Each one weakens Russias capacity to continue fighting. Russia cannot sustain this war indefinitely.
Russia has lost billions in oil revenues, and its economy is shrinking. Following our last sanctions package, oil exports from Russia via the Black and Baltic Seas fell by 30% in a week.
In May alone, Russias sovereign Wealth Fund decreased by [$]6 billion, from 42 to 36 billion USD, risking insolvency by next year. Cutting off revenue streams prevents them from funding their war efforts.
Every day, Russia lies about wanting peace. Together with the United States, we can compel Putin to negotiate seriously. As long as Russia continues its war, the cost will increase, which is why we propose this 18th sanctions package. Thank you.