The possibility of imposing an embargo on Russian oil in response to invasion of Ukraine this week will be discussed by the governments of its member states The European Union. US President Joe Biden is expected in Brussels for a series of special meetings aimed at further tightening measures against Moscow.
“We are working on a fifth round of sanctions” and “many names” of oligarchs and people close to the Kremlin are being discussed, said a European diplomat on condition of anonymity, as discussions on the measures are not public.
The EU has already approved a series of harsh sanctions on Russia, including the country’s central bank.
Today, the issue will be discussed by the foreign ministers, in view of the arrival of US President Biden to attend the meetings of the thirty member states of NATO, the EU and the Group of Seven (G7) most industrialized countries in the world.
The four rounds of sanctions imposed by Brussels over the past three weekstargeting 685 people in Russia and Belarus, and various sectors, from trade and finance to the defense industry, have not changed the Kremlin’s stance.
The EU is now called upon to discuss the much tougher economic option of imposing an embargo on Russian oil – the US is already implementing it and Britain, but no the 27, which are heavily dependent on Russia for energy, especially gas.
Diplomats told Reuters that the Baltic states, especially Lithuania, were pushing for an embargo on Russian oil, but that Germany had warned against doing so. given that energy prices have already reached new heights in Europe.
Moscow warns of equally harsh retaliation
Moscow has warned the European Union that if an embargo on Russian oil is imposed, it will retaliate just as harshly – it does not even rule out shutting down pipelines carrying gas to Europe.
THE EU imports from Russia 40% of the gas it consumes.
THE Germany is one of the countries with the greatest energy dependence on Russia, as in addition to gas it also imports large quantities of Russian crude.
THE Bulgaria, which depends almost entirely on Russia’s Gazprom for its gas supply, does not rule out asking to be exempted from sanctions. Bulgaria’s only crude refinery is owned by Russia’s Lukoil, which produces 60% of the fuel consumed in the Balkan country.
Unanimity is required to take decisions on European sanctions. The stance of France, which holds the rotating EU presidency this semester, will be crucial.
French President Emmanuel Macron has said that if the situation in Ukraine worsens further, there will be no “taboo” on imposing sanctions.
“These sanctions are aimed at forcing President (Russian Vladimir Putin) to reconsider his stance. Among our partners and among countries trading with Russia, some are more sensitive about oil and gas. However, as the president has said, there are no taboos. “
Diplomats say that if Russia starts bombing Kyiv intensively, Europe may even discuss imposing an embargo on Russian energy in general.
Source: News Beast
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