Sanctions, oil price cap 'big hit' for Russia, says top EU diplomat

ANKARA

Economic sanctions and the price cap on Russian oil are “a big hit on Russia’s financial stability,” according to EU foreign policy chief Josep Borrell.

“Today, Russian oil is being sold at $40 a barrel, while Brent is at $80. This means that the Russian oil is being sold at a discount of 50%, and it is being bought by mainly India and China,” Borrell said in a press briefing after the year’s first meeting of the EU Foreign Affairs Council on Monday.

“So, it is losing $40 per barrel. It is a big hit on Russia’s financial stability.”

Borrell said EU states have reached a political agreement for the seventh tranche of military support for Ukraine, with an additional €500 million ($543 million), adding that the total aid extended to Kyiv by EU institutions and member states now amounts to €49 billion.

“This means that the EU is ranking first – member states and European institutions, all together – we are ranking first in our support to Ukraine,” he emphasized.

On the Palestine-Israel dispute, Borrell reiterated that the EU remains committed to a two-state solution.

He also called on Kosovo and Serbia to embrace the bloc’s proposal for a diplomatic and permanent solution.

“I consider that this (proposal) is the only way to break the vicious cycle of crisis on the ground and reduce the risk for further escalation,” Borrell said.

“We expect serious commitment and readiness to engage constructively in order to make this proposal advance.”

Kosovo, predominantly inhabited by Albanians, broke from Serbia in 1999 and declared independence in 2008. It aspires for EU membership and aims to gain a visa-free regime for the EU zone.

Serbia has not recognized Kosovo’s independence and sees its former province as its territory.