An oil embargo has been discussed between Brussels and the member states for weeks. The fact that it is all so difficult has to do with the major economic consequences for the country bloc. Experts fear that the punitive measure will lead to higher inflation. Moreover, many countries are quite dependent on the Russian black gold. At the same time, there is a club of member states who believe that the heaping of Putin’s war chest should stop as soon as possible. All member states must agree to the imposition of sanctions.
After much deliberation, European Commission President Ursula von der Leyen presented the sixth sanctions package on Wednesday during a meeting of the European Parliament in Strasbourg. It is a compromise: member states will have some time to wean off Russian oil. Moreover, according to insiders, Hungary and Slovakia will receive an exception. Budapest openly threatened to veto an oil boycott earlier this week.
Other measures
In addition to measures in the area of oil, the sixth sanctions package contains other measures to further isolate Russia. For example, Brussels wants to throw even more banks out of the international payment system Swift. The proposal now also includes Sberbank, Russia’s largest bank. Von der Leyen also proposes to censor three major Russian broadcasters. “These are the mouthpieces that spread Putin’s lies.”
The blacklist of people wants to expand Brussels with senior military personnel and people involved in the siege of Mariupol and the war crimes in Butja. According to various media, the head of the Russian Orthodox Church, Patriarch Kirill, a friend of Putin, is also on the proposed extension of the sanctions list. All these figures are no longer allowed to travel to Europe, any assets will be frozen. The European Commission also wants to deal with accountants, consultants and spin doctors who help the regime in Moscow.
Member States have yet to consider the technical and legal details of the proposal. On Wednesday, the ambassadors of EU countries will meet for a first meeting. They will probably only vote on the proposals days later, but after all the preliminary consultations, there is a good chance that everyone is already on board. According to von der Leyen, the plan will weaken the Russian economy considerably. “With this step, we are depriving the Russian economy of the opportunity to diversify and modernize.”