EU meets to discuss 6th package of sanctions against Russia
The European Union (EU) is considering a sixth package of sanctions against Russia, notably including sanctions on Russia's oil sector and the exclusion of more Russian banks from the SWIFT global interbank financial telecommunications network.
Speaking during a visit to Latin America, the High Representative for Foreign Affairs and Security PolicyEuropean Union(EU) Joseph Borrell said yesterday (May 3) that the bloc is considering a sixth package of sanctions targeting Russia's banking and energy sectors.
“More Russian banks will be excluded from the Society for Worldwide Interbank Financial Telecommunication (SWIFT). We are also working on proposals to limit energy imports from Russia, especially oil,” said Joseph Borrell.
According to European diplomatic sources, the EU advocates imposing sanctions in stages, with the goal of completely ending imports of Russian oil in the next 6 to 8 months.
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| Illustration photo. Photo: Bloomberg |
The EU remains a major customer of Russia, with 30% of its oil consumption coming from Russia. In 2021, the EU spent €71 billion on Russian oil, compared to €5 billion on coal and €16 billion on gas.
Analysts say that unlike Russia’s decision to stop using coal, which was approved in April 2022, the oil sanctions, if approved, would be a strong blow to Russia. However, finding a common voice among EU member states on this issue is considered to be difficult.
In addition to opposition from some EU member states, especially Hungary and Slovakia, which are almost entirely dependent on Russian energy, the EU has also received many warnings about the risk of escalating international oil prices and the negative impacts on the economy. The meeting of EU energy ministers on May 2 also discussed the Russian oil ban but did not make any important decisions.
In the banking sector, the EU is expected to exclude Russia’s largest bank, Sberbank, from the SWIFT system. The new EU sanctions against Russia will also extend to the maritime and digital sectors, as well as adding more Russian individuals and entities to the sanctions list.
These sanctions will also apply simultaneously to Belarus, which the EU considers a close ally of Russia involved in the Ukraine crisis. Ambassadors of the 27 EU member states will meet today (May 4) to agree on the contents of the 6th package of sanctions against Russia./.
