Estonia May Block Adoption of 18th Package of Anti-Russian Sanctions

Estonian authorities may veto the European Union’s 18th package of sanctions against Russia if it removes the provision to reduce the oil price cap from Russia. This was stated by Estonian Foreign Minister Margus Tsahkna, according to BELTA, citing TASS.

“Our position is very clear: the reduction of the oil price ceiling must be included in this package. We hold a very firm stance on this matter,” Tsahkna declared.

The head of Estonia’s foreign policy department also revealed that the initial proposal from the European Commission included lowering the so-called oil price cap from $60 per barrel to $45.

On July 7, French Foreign Minister Jean-Yves Le Drian announced that the European Union is preparing to impose the strictest sanctions on Russia since 2022. According to him, these measures will target Russia’s oil revenues, Russian financial actors, and intermediaries in other countries who, as claimed by the French Foreign Ministry, assist Moscow in circumventing restrictions.

The Kremlin’s spokesperson, Dmitry Peskov, noted that Moscow would carefully monitor information regarding the upcoming new package of EU sanctions.