EU endorses 8th package of sanctions against Russia, lays legal basis for Russian oil price cap

BRUSSELS. Oct 6 (Interfax) - The European Union endorsed the eighth package of anti-Russian sanctions on Thursday, thus laying a legal basis for the Russian oil price cap.

"The Council decided today to impose a new package of economic and individual sanctions against Russia," the Council of the European Union said in a press release.

The package lays the basis for a price cap related to the maritime transport of Russian oil for third countries and further restrictions on the maritime transport of crude oil and petroleum products to third countries, the press release said.

"It will be prohibited to provide maritime transport and to provide technical assistance, brokering services or financing or financial assistance, related to the maritime transport to third countries of crude oil (as of December 2022) or petroleum products (as of February 2023) which originate in or are exported from Russia," it said.

The new sanctions prohibit EU citizens from occupying executive positions in certain Russian state companies, it said.

"The package agreed today also comprises [...] a ban on EU nationals to hold any posts on the governing bodies of certain Russian state-owned or controlled legal persons, entities or bodies," it said.

There is a full ban of the provision of crypto-asset wallet, account or custody services to Russian persons and residents, regardless of the total value of those crypto-assets, the press release said.