EU agrees more sanctions against Russia 

European Union leaders wrapped up their last summit of 2022 with an agreement to slap a ninth package of sanctions against Moscow.

The recent sanctions aim to blacklist nearly 200 more people and bar investment in Russia’s mining industry, among others.

The decision, which requires unanimity, was made after Poland and Lithuania had warned that proposed exceptions for food security might benefit Russian oligarchs in the fertilizer business.

The EU also prepared to cap natural gas prices and prop up its industry.

Poland withdrew last-minute objections to a global minimum corporate tax, unblocking a package of linked agreements that include the loan to Ukraine.

U.S. Treasury Secretary in a written statement applauded the global minimum tax agreement.

“This historic agreement helps level the playing field for U.S. business while protecting U.S. workers,” Yellen said.

Also Read: EU to fine companies that break sanctions against Russia  

After much disagreement throughout the year, the EU also seemed to be coming together on how to cap gas prices, and the leaders gave their ministers the task of finalising the work on Monday.

German Chancellor Olaf Scholz, who has led the opposition to such a market intervention, expected a final agreement then.

The summit also granted Bosnia and Herzegovina formal EU candidate status and the leaders agreed to meet again in February to talk about increasing immigration to the EU.

Reuters /Zainab Sa’id