The EU has officially approved the eighth package of sanctions against Russia for its war in Ukraine; it includes import bans worth €7 billion and lays the foundation to introduce the price restrictions on Russian oil, the European Commission stated on Oct. 6.
The sanctions will "deprive the Russian army and its suppliers from further specific goods and equipment needed to wage its war on Ukrainian territory," reads the statement.
European Commission President Ursula von der Leyen proposed this sanctions package on Sept. 28 in response to Russia's sham referendums, which were held in Luhansk, Donetsk, Zaporizhzhia, and Kherson oblasts on Sept. 23-27.
The price cap for Russian oil sold to third countries introduced in the package "will help reduce Russia's revenues and will keep global energy markets stable," according to von der Leyen.
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