Brussels: The European Union (EU) and its institutions continue their efforts to impose new sanctions on Russia to force it to end the war with Ukraine, with a focus on halting Moscow's oil exports, deemed by Brussels as the Russian economy's primary source of funding.
According to Qatar News Agency, in statements made ahead of the EU foreign ministers' meeting in Brussels Tuesday, EU High Representative for Foreign Affairs and Security Policy Kaja Kallas said that an agreement on a new round of European sanctions against Russia could be reached soon, including lowering the price cap on Moscow's oil exports.
Kallas expressed hope to adopt the eighteenth sanctions package today or tomorrow; however, she added that some more work is yet to be done.
She also mentioned that the plan to lower the price cap on Russian oil exported to third countries worldwide remains in place, despite the EU's allies failing to convince US President Donald Trump to support the plan.
Led by the G7, the price cap initiative aims to reduce Russia's global oil export revenues.