European Union should target Russia_s oil tankers and the ships of the shadow fleet

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The European Union should impose new sanctions on Russian liquefied natural gas exports, its shadow fleet of aging oil tankers and major energy companies over the war in Ukraine, European Commission President Ursula von der Leyen said on Friday.

“It is time to turn off the tap” on LNG, von der Leyen said in a video message.

Meanwhile, the Hong Kong-flagged LNG carrier Vladimir Rusanov docked in the Belgian port of Zeebrugge on Monday, according to the Associated Press.

The Chinese-built vessel is operating at the Yamal LNG plant in northern Russia and with Novatek, Russia’s largest independent natural gas producer.

The commission’s new sanctions proposals must be approved by the 27 EU countries before they can take effect. The EU has already agreed 18 sanctions packages against Russia, but final agreements could take weeks.

More than 2,500 “entities” such as banks, ministries and energy companies, as well as officials, have already been hit by the sanctions.

The officials targeted 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 pump money into the military without affecting inflation.