The European Commission is to propose lowering the Russian oil price cap and banning the use of Nord Stream infrastructure as part of a fresh round of sanctions against Moscow, Financial Times reports.
The commission is due to present its 18th package of sanctions against Moscow on Tuesday, as part of efforts to ratchet up pressure on Russia amid stalled peace negotiations with Ukraine.
According to three people familiar with the proposal, the package will include lowering the existing oil price cap from $60 to $45 per barrel, as well as banning the use of Russian energy infrastructure, including the two Nord Stream pipelines to Germany.
The people said the new proposal would also include the placing sanctions on additional Russian banks and shadow fleet vessels.
It would include safeguards to help protect Belgium from lawsuits from Moscow under a bilateral investment treaty between the two countries. Existing sanctions have immobilised about €190bn in Russian central bank assets at the Belgium-based central securities depository, Euroclear.
