Sanctions The Times: EU to hit Russia’s treasury over important oil imports with ‘smart sanctions’

European the union is preparing “smart sanctions” on Russia’s oil imports, he says British newspaper The Times.

The EU is currently working on a sixth sanctions package against Russia. Vice – President of the European Commission Valdis Dombrovskis tells The Times that the soon-to-be-introduced package includes a “some kind” ban on oil imports from Russia.

“When we impose sanctions, we have to do it in a way that maximizes the pressure on Russia and minimizes the damage to us,” Dombrovskis says.

According to Dombrovskis, the exact details of the oil sanctions have not yet been agreed, but they could include, for example, the phasing out of Russian oil or import duties.

Pressure the introduction of oil sanctions within the EU is constantly increasing. Oil exports are Russia’s main single source of revenue, and cutting them would undermine the country’s ability to wage war.

According to some estimates, Russia receives $ 660 million a day from Western energy purchases.

So far, sanctions have met with opposition from a group of countries led by Germany, and now attempts are being made to break this resistance.

Opponents are concerned about the impact of sanctions on the European economy. To allay concerns, the commission is currently preparing a proper impact assessment, Reuters reported last week.

The Commission is also in discussions with other oil-producing countries on how they can fill the gap left by Russian oil. According to Reuters, sanctions would also be prepared to make long transition periods to allay opponents’ concerns.

DETAILS It is not known about the oil sanctions being prepared by the EU, as the EU is keeping the preparations strictly secret. In practice, oil sanctions can be implemented in many ways.

One way is a straightforward import ban, which can take effect after a transitional period. The United States and Britain have already decided on an import ban.

The President of the Commission Ursula von der Leyen has, however, hinted that there is no ban on imports into the EU. Instead, at least import duties and the diversion of oil levies to an escrow account are under consideration.