On October 5, local time, EU member states approved the latest round (eighth round) of draft sanctions against Russia, including the much-anticipated price cap on Russian oil. The specific sanctions came into effect on the morning of October 6 local time. Paper Cup Fan

It is reported that the latest round of sanctions against Russia will prohibit the transportation of Russian oil exceeding the price ceiling to third countries by sea. As the global market for maritime services is monopolized by Western countries such as the European Union and the United Kingdom, once the price of Russian oil exceeds the ceiling set by the EU, Russian oil sellers may have difficulty finding an insurance provider willing to guarantee shipping. Raw Paper Cup

In addition, the sanctions will impose additional restrictions on trade in Russian steel products, high-tech products and other commodities; will prohibit the EU from providing Internet technology, engineering and legal services to Russian entities, and will further prohibit technology exports. In addition, the EU has placed a number of Russian citizens on the sanctions list. Cup Paper Fan

Notably, pulp and paper are also included in the new list of restricted imports. If Russian pulp and paper cannot be exported to other European countries, then the biggest alternative market is undoubtedly China. Fan Papers Cup