On October 5 local time, EU member states approved the latest round (eighth round) of sanctions against Russia, including the highly concerned price ceiling on Russian oil. The specific sanctions took effect in the morning of the 6th local time.

It is reported that the latest round of sanctions against Russia will prohibit Russian oil exceeding the price ceiling from being transported to a third country by sea. As the global shipping service market is monopolized by the European Union, the United Kingdom and other western countries, once the oil price in Russia exceeds the upper limit set by the European Union, Russian oil sellers may be difficult to find insurance providers willing to guarantee shipping.

In addition, the sanctions will impose more restrictions on Russian steel products, high-tech products and other commodity transactions; The EU will be prohibited from providing Internet technology, engineering and legal services to Russian entities, and further prohibit the export of technology. In addition, the EU has also included some Russian citizens on the sanctions list

It is noteworthy that 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 China is undoubtedly the largest alternative market.