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1600 CET: Von Der Leyen And Borrell To Announce New Russia Sanctions

EU-RUSSIA

EU Commission President Ursula von der Leyen and EU High Representative for Foreign Affairs and Security Policy Josep Borrell are expected to announce a new package of EU sanctions at a joint press conference today at 10:00 ET 15:00 BST 16:00 CET. The sanctions are understood to be in response to Russian intentions to proceed with the annexation of Ukrainian territory.

  • A livestream of the press conference can be followed here: https://audiovisual.ec.europa.eu/en/ebs/live/1
  • The EU may propose the expedition of a EU-wide price cap on Russian crude oil. The proposal was delayed last week amid opposition from Hungary but the EU may believe that reports of Moscow's intentions to validate referenda in occupied Ukrainian territory, expected to come on Friday, can push Budapest to support the measure, which requires unanimity.
  • A sanctions package will likely come in coordination with the US. Secretary of State Antony Blinken said yesterday: “We are prepared and we will impose additional severe and swift costs on Russia for proceeding with the annexations."
  • WSJ reports that the sanctions will include new export and import controls and place more Kremlin and separatist officials on the sanctions list.
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