EU Commission Proposes New Sanctions on Russian Oil and Financial Services Amid Ukraine Conflict
The European Union's executive arm has proposed additional sanctions against Russia in response to the ongoing conflict in Ukraine. These measures, announced by European Commission President Ursula von der Leyen, include a ban on shipping services that support Russia's oil industry and further restrictions on the country's financial services and trade sectors. The proposed sanctions aim to cut Russia's energy revenues and complicate its ability to find buyers for its oil. The EU's 27 member states will begin discussions on these proposals, with the goal of implementing them by February 23, the eve of the war's fourth anniversary. The sanctions are intended to pressure Russia into negotiating with genuine intent, as oil revenue is crucial to its economy, supporting military funding without exacerbating inflation or causing a currency collapse. 
