EU meets to discuss sixth 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 removal of more Russian banks from the global interbank financial telecommunications alliance (SWIFT).
Speaking during a visit to Latin America, the High Commissioner for Security and Foreign AffairsEuropean 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 drafting proposals to restrict energy imports from Russia, particularly oil,” said Joseph Borrell.
According to European diplomatic sources, the EU intends to impose sanctions in stages, aiming to completely end Russian oil imports within the next 6 to 8 months.
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| Illustrative image. Photo: Bloomberg |
The EU remains a major customer of Russia, with 30% of its oil consumption imported from Russia. In 2021, the EU spent €71 billion on Russian oil, compared to €5 billion on coal and €16 billion on natural gas.
Analysts believe that, unlike Russia's decision to halt coal use adopted in April 2022, sanctions on oil, if implemented, would be a major blow to Russia. However, finding common ground among EU member states on this issue is expected to be difficult.
Besides opposition from some EU member states, particularly Hungary and Slovakia, which are almost entirely dependent on Russian energy, the EU has also received numerous warnings about the risk of escalating international oil prices and negative impacts on the economy. The EU Energy Ministers' meeting on May 2nd also discussed measures to ban Russian oil but failed to reach any significant decisions.
In the banking sector, the EU plans to remove Russia's largest bank, Sberbank, from the SWIFT system. New EU sanctions against Russia will also expand to the maritime and digital sectors, 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 from the 27 EU member states will meet today (May 4) to finalize the contents of the sixth package of sanctions against Russia.
