The EU holds its final 2022 council meeting today to discuss the Russian oil price cap, sanctions, Ukraine aid, and Hungary’s EU funding. Photo: REUTERS/Yves Herman

EU leaders will attend the last 2022 EU council meeting in Brussels today.

Recently, the EU has experienced a brief internal crisis after Hungarian President Viktor Orban initially refused to agree to EU’s the 18 billion Euro aid to Ukraine in the light of Russia’s invasion. After faced with the ultimatum of getting cut out from EU funds, Orban capitulated to EU’s demands. Today, EU representatives will gather in Belgium’s capital to discuss an array of developments regarding the ongoing Ukraine crisis, including the implementation of various supplementary sanctions and the price cap on Russian oil.

The EU is preparing to impose a set of new sanctions against Moscow during the short-to medium term. New sanctions will target various media outlets that are pro-Kremlin, while also including additional people close to Putin’s inner circle. The broadcasting of several Russian media outlets—such as Rossia-1 and Ren-TV—will most likely be banned within the EU states. While this initiative will have a slight impact on Moscow’s war effort, it will largely remain symbolic. On the other hand, despite the current split on the verdict, the proposed price gap on oil will likely have a more immediate impact if properly implemented.