Investing.com -- The European Commission is planning to propose a fresh set of sanctions against Moscow, which includes a reduction in the Russian oil price cap and a prohibition on using the Nord Stream infrastructure, according to a report by the Financial Times.

The proposed sanctions package will see the current oil price cap, which stands at $60 per barrel, reduced to $45 per barrel. Furthermore, the use of Russian energy infrastructure, including the two Nord Stream pipelines, will be banned.

The Nord Stream pipelines are a crucial part of Russia’s energy infrastructure, transporting natural gas from Russia to Europe. The proposed sanctions are part of an ongoing effort by the European Commission to respond to Moscow’s actions.

The European Commission’s proposal is yet to be approved and will require the agreement of all EU member states. The implications of these proposed sanctions on the global oil market and Russia’s energy sector remain to be seen.

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