The EU recommends prohibiting ships and firms from providing services connected to the transit of Russian oil around the world, including insurance
Germany’s exports to Russia have dropped to their lowest level in nearly two decades, and the aftermath of the raid has led to a reduction in overall commerce.
Vladimir Putin signed a decree authorising the use of retaliatory economic measures in response to hostile foreign activities. The regulation was enacted to protect the Russian Federation’s national interests against unfriendly countries’ illegal restrictions.
Borrell, the EU’s top diplomat, warned on Tuesday that the EU’s sixth round of sanctions will widen the list of Russian banks that will be cut off from the SWIFT system. At the upcoming meeting of the EU Foreign Affairs Council, the EU may approve a sixth set of sanctions on Russia.