The European Union proposed banning the Nord Stream pipelines and cutting the Group of Seven oil price cap to $45 as part of a new sanctions package that aims to increase pressure on Moscow to end its war against Ukraine.

The European Commission is to propose lowering the Russian oil price cap and banning the use of Nord Stream infrastructure as part of a fresh round of sanctions against Moscow, the Financial Times reported on Tuesday.

The European Union wants to lower a cap on the price of Russian oil to deprive the Kremlin of extra profits to fund its war in Ukraine as part of a new raft of sanctions aimed at forcing Moscow to the negotiating table,