EU nears 12th Sanctions Package: Reuters

EU members are closing in on a deal for a proposed 12^th package of sanctions focused on Russia, according to Reuters.

• The largest measures in the new package will focus on Russian diamonds, but will also look to shore up enforcement on existing measures such as the G7 price cap.
• The text contains stronger measures on proving that Russian oil is traded under the price ceiling since compliance has diminished in recent months, Reuters said.
• However, a clause aimed at preventing Russia from growing its so-called "shadow fleet" has been softened, Reuters added.
• The EC had initially wanted to ban the sale of old tankers to Russian entities or to those who may wish to use such tankers to circumvent the price cap.
• Officials from EU member states will meet this evening to discuss the proposals.