Germany advocates the introduction of a new, eighth, package of EU sanctions against Russia. Proposals in this regard have already been made, German Foreign Minister Annalena Burbock said on the sidelines of the conference of EU foreign ministers in Prague, DW reports.. The minister did not provide details..

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According to observers, Germany will insist, first of all, on the introduction of a cap on world prices for Russian oil.. This should force Russia to sell its oil to big buyers like India for less.. The result should be a detente in the oil markets and a reduction in Moscow's income to finance the war against Ukraine.

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Price caps may need to be linked to oil transportation costs. So, for example, Western insurance services for the transportation of Russian oil can be withdrawn from sanctions if the price level for oil itself is met.. Similar rules may be introduced for shipping companies involved in the transportation of Russian oil..

Annalena Burbock stressed that it is important for Germany to maintain long-term sanctions pressure on Russia due to its invasion of Ukraine, and this should primarily apply to energy. Thus, the German minister, apparently, responded to the demands of a number of other EU countries, which have been seeking a complete ban on business with Russia in the energy sector for months..

Germany, which is heavily dependent on Russian gas, has so far rejected this demand, arguing that the EU itself will suffer more from such sanctions than Russia..

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Because of the Russian invasion of Ukraine, the EU has already introduced seven packages of sanctions against Russia. The latest of these included a ban on the import of Russian gold and tightening controls on the export of advanced technologies and dual-use goods that can be used for both civilian and military purposes.. Prior to this, tough financial sanctions, a large-scale oil embargo and a ban on the import of Russian coal were introduced against Russia..