The EU is considering capping Russia’s crude price, restricting more technology sources

By Gabriela Baczynska and John Chalmers

BRUSSELS, Sept 22 (Reuters) – The European Union is considering capping the price of Russian oil, further restricting high-tech exports to Moscow and imposing more sanctions on individuals, diplomats said on Thursday, reacting to what the West said condemned as a new escalation of the war in Ukraine.

The 27-nation EU was spurred into action on Wednesday by President Vladimir Putin’s nuclear rhetoric, announcing partial mobilization for war and backing plans to effectively annex parts of eastern Ukraine.

EU foreign ministers, meeting on the sidelines of UN talks in New York, agreed to prepare new sanctions against Russia, which the bloc’s top diplomat said would consist of “economic and individual” measures.

The head of the EU executive, European Commission President Ursula von der Leyen, said they would introduce “more controls on civil technology exports,” according to comments collected by CNN.

Three EU diplomats in Brussels said the new sanctions would focus on an oil price cap that would match the limit agreed by the world’s most industrialized powers at the G7, a meeting attended by France, Germany and Italy.

“We also hope that there will be more individual lists,” said one of the diplomats, who spoke on condition of anonymity.

The diplomat added that the oil restriction, along with the EU embargo on Russian coal, is expected to take effect from December, while the tightening of restrictions on the export of high-tech products aims to curb Russia’s battlefield capabilities.

“I don’t know how quickly we can agree on new sanctions,” said an EU official, noting that some member states’ opposition to further punishing Moscow could slow things down.

The European Commission is expected to come up with a written proposal next week and the EU’s 27 national leaders could endorse it when they meet in Prague on October 6-7, the sources said. (Edited in Spanish by Javier López de Lérida)

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