European Council Supports Russian Oil Price Cap and Tougher Sanctions

Leaders of the European Union member states agreed on Thursday to continue sanctions pressure on Russia, including limiting oil prices, to punish it for its full-scale invasion of Ukraine.

According to the conclusions of the EU summit on Ukraine, the European Union supports further maintaining and strengthening collective pressure on Russia, particularly through possible further restrictive measures, as well as continuing to work with partners to limit the price of oil.

"The European Council underlines the importance and urgency of intensifying efforts to ensure the effective implementation of sanctions at European and national levels and firmly commits itself to effectively preventing and countering their circumvention in and by third countries," the EU leaders emphasised.

In addition, the European Council invites the Council of the EU and the European Commission to strengthen the necessary enforcement tools and develop a fully coordinated approach with Member States to this end.

"The European Union will step up its work with partners to counter Russia's false narratives and disinformation about the war," the conclusions say.

The European Council also reportedly condemned Russia's aggression against Ukraine and the military assistance provided to Russia by other states following a meeting on Thursday, 23 March.

In February 2023, Russia's oil export revenues plummeted to their lowest level in a year, apparently due to the price cap imposed by Western countries.