European Commission proposes 19th sanction package against Russia

SUBSCRIBE TO US! The European Union should impose new sanctions on Russia's exports of liquefied natural gas, its shadow fleet of aging oil tankers and major energy companies over its war in Ukraine, European Commission President Ursula von der Leyen said on Friday. "It is time to turn off the tap," von der Leyen said in a video address. The commission's proposals must be approved by the 27 EU countries before they can enter into force. "I now call on member states to swiftly approve these new sanctions. We want Russia to leave the battlefield and sit at the negotiating table, and this is a way to give peace a real chance," von der Leyen said. The bloc has already agreed on 18 sanctions packages against Russia, according to the Associated Press, and reaching a final agreement on who and what should be sanctioned could take weeks. More than 2,500 “entities” such as banks, ministries and energy companies, as well as officials, have already been hit. The officials include President Vladimir Putin and his associates, dozens of Russian lawmakers and several oligarchs. Travel bans and asset freezes are the most common measures. Energy revenues are the backbone of the Russian economy, allowing Putin to pour money into the military without worsening inflation for ordinary people and avoiding a currency collapse. But von der Leyen insisted that the EU sanctions were having an impact. “Russia’s overheated war economy is reaching its limits,” she said, noting Russia’s persistently high inflation. Among the commission’s proposals, sanctions would target 118 more vessels from Russia’s shadowy oil fleet, bringing the total number of vessels affected to more than 560. Major energy traders Rosneft and Gazprom Neft would now be subject to a full transaction ban, and other companies would also be subject to asset freezes if the measures are approved, von der Leyen said. Part of the plan, she said, would be to “go after those who fuel Russia’s war by buying oil in violation of sanctions.” Von der Leyen said the commission wants to “target refineries, oil traders, petrochemical companies and third countries, including China.” The sanctions would also include restrictions on exports of “goods and technologies” that could be used on the battlefield.