EU's new Russia sanctions to target energy sector and banks

BRUSSELS (Reuters) -The European Commission has proposed an 18th package of sanctions against Russia for its invasion of Ukraine, aimed at Moscow's energy revenues, its banks and its military industry, European Commission President Ursula von der Leyen said on Tuesday.

The new package proposes banning transactions with Russia's Nord Stream gas pipelines as well as banks that engage in sanctions circumvention.

"Russia's goal is not peace, it is to impose the rule of might ... strength is the only language that Russia will understand," von der Leyen told a news conference.

The Commission has also proposed lowering the Group of Seven nations (G7) price cap on Russian crude oil to $45 a barrel from $60 barrel in a bid to cut Russia's energy revenues.

Von der Leyen said that the oil price cap will be discussed at a G7 meeting this week.

"My assumption is that we do that together as the G7. We started that as G7, it was successful as a measure from the G7, and I want to continue this measure as G7," she said.

The proposal also lists more vessels that make up Russia's shadow fleet and oil trading companies.

"The next round of EU sanctions against Russia will target Russia's energy revenues including the shadow fleet, its military industry and its banking sector," EU chief diplomat Kaja Kallas said.

EU countries will start debating the proposal this week.

(Reporting by Julia Payne and Milan Strahm; Editing by GV De Clercq and Benoit Van Overstraeten)