The European Union rolled out far-reaching new sanctions on Russia’s economy and oil commerce Friday, just days after President Trump called upon NATO allies to suspend all purchases of oil from Moscow.
The bloc’s 19th sanctions package proposed also comes in the wake of Russian missile and drone barrages on Ukraine and recent incursions into Polish, Romanian and Estonian airspace as leaders seek to cut off Kremlin President Vladimir Putin’s financing for war and bring an end to Europe’s deadliest conflict since World War II.
Time and again, President Putin has raised the stakes. And in return, Europe is ratcheting up pressure,” European Commission President Ursula von der Leyen said in a video address.
“It’s time to switch off the tap. I now urge member states to rapidly approve these additional sanctions. We need Russia to exit the battlefield and arrive at the negotiating table, and this is how to give peace a genuine chance.”
The strategy would prohibit Russian liquified natural gas imports into Europe by 2027; put pressure on foreign companies, including those in China, to cut back on business with Moscow; and hit crypto platforms that are used to circumvent sanctions.
“Already, the EU of 27 has been preparing the ground,” Von der Leyen said. “By cutting back on Russian energy consumption, diversifying its supply source, and stepping up low-carbon investment.”.
We are now targeting those who finance Russia’s war by buying oil in violation of the sanctions,” she said.
“We target refineries, oil traders, petrochemical companies in third countries, including China. In three years, Russian oil revenues in Europe have fallen 90%. We are now turning that page for good.
Sanctions would also be imposed on 118 further ships in Russia’s shadow fleet, taking the number of impacted vessels to 560.
The proposal would also ban exports of battlefield technologies such as drones and target over 45 further companies in Russia and overseas for supporting the Kremlin’s military expeditions.
“In an innovation-driven war, preventing Russia from gaining access to major technologies is essential,” Von der Leyen urged.
“First and foremost when it comes to drones.”
The new package needs bloc authorization, which may take weeks.
The action follows Trump recently stating he wants European countries to boycott Russian energy to increase pressure on Putin to get to the negotiating table ahead of the US acting.
Two countries in Europe — Hungary and Slovakia — continue to import Russian oil to satisfy most of their energy requirements.
