New EU sanctions will target heart of Russia's war economy - Lithuanian FM

VILNIUS - As EU member states agreed on the 18th package of sanctions against Russia on Friday, Lithuanian Foreign Minister Kestutis Budrys says they will target the hart of Russia's war economy.

"The 18th sanctions package got a green light! With that Europe unleashes a sanctions’ strike Russia can’t ignore - targeting the heart of its war economy," Lithuania's top diplomat posted on X on Friday.

He noted that additional sanctions on more than 100 shadow ships, 22 Russian banks, Nord Stream pipelines as well as the reduction of the oil price cap would ensure that Russia "stays right on the course of running out of blood money".

Budrys also called on the United States to adopt tough sanctions against Russia.

"The EU paved the way. Now it’s time for perfect storm - the U.S. Senate to vote on that Russia sanctions bill imposing crushing burdens on Russian economy and those fueling Russia's war of aggression," he said.

The 18th package of sanctions against Russia since its 2022 invasion was approved after Slovakia dropped a weeks-long block following talks with Brussels over separate plans to phase out Russian gas imports.

According to diplomats, as part of the new sanctions, the EU has agreed to lower its price cap on Russian oil exported to third countries around the world to 15 percent below market value. Under the new EU scheme - which is expected to get the backing of G7 allies like Britain and Canada - the new level will start off at 47.6 US dollars and can be adjusted as oil prices change in the future.

In addition, officials said the EU is blacklisting over 100 more vessels in the "shadow fleet" of ageing tankers used by Russia to circumvent oil export curbs. There are also measures to stop the defunct Baltic Sea gas pipelines Nord Stream 1 and 2 from being brought back online.

The new sanctions will be formally adopted by EU ministers later on Friday.