Russia has escalated the invasion of Ukraine to a new level. We are determined to make the Kremlin pay the price for this further escalation. Today, we are proposing a new package of biting sanctions against Russia: • new listing of individuals and entities • new import bans on Russian products, depriving the 🇷🇺 economy of €7 billion in revenues • more products that cannot be exported to Russia anymore, in particular key technologies needed for its war machine Russia should not benefit from European brainpower and expertise. Moreover, our proposal includes: • a legal basis for an oil price cap • stepping up our efforts to crack down on circumvention of sanctions