EU to prepare new sanctions against Russia following Putin’s mobilisation speech

The European Union is preparing a number of measures in response to the escalation of Russia’s war in Ukraine, including an oil price cap, tighter curbs on high-tech exports and more sanctions against individuals.

EU diplomats were spurred into action by President Vladimir Putin’s nuclear rhetoric on Wednesday, the announcement of a partial mobilisation for the war and support for plans to effectively annex parts of east Ukraine.

The head of the EU executive, European Commission President Ursula von der Leyen said that measures would include “additional export controls on civilian technology”, according to CNN.

Three EU diplomats in Brussels said new sanctions would centre around an oil price cap to match that agreed by the G7. Further curbs on luxury goods exports to Russia are also on the table, while the bloc’s Russia hawks sought a ban on Russian diamonds and confiscation of Russian assets in Europe.

Others, however, warned the latter was unlikely to get the necessary unanimous backing of all EU countries.

Germany, the EU’s economic powerhouse, has so far barred tougher economic restrictions, while Hungarian Prime Minister Viktor Orban – who works closely with Putin – said on Thursday all the sanctions should be scrapped.

The European Commission is expected to present next week a written proposal, and the 27 EU national leaders might approve it when they meet in Prague on Oct.6-7, said the sources.