Latest Russia sanctions may include oil embargo

Business & Finance

The sixth package of sanctions against Russia may include some form of an oil embargo, though it is necessary to make sure the damage to the European Union’s (EU) member states is minimized, according to European Commission (EC) Executive Vice President, Valdis Dombrovskis, in an interview with The Times published on Monday.

“We are working on a sixth sanctions package and one of the issues we are considering is some form of an oil embargo. When we are imposing sanctions, we need to do so in a way that maximizes pressure on Russia while minimizing collateral damage on ourselves,” Dombrovskis said.

The politician added that precise details of oil sanctions had not yet been agreed upon but could include a gradual phasing-out of Russian oil or imposing tariffs on exports beyond a certain price cap, the paper wrote.

The European publication of Politico newspaper reported on April 22 that the EC would offer a draft of the sixth package of anti-Russia sanctions to EU countries this week.

It may include certain restrictions on oil supplies and financial policies, particularly cutting off several more banks from SWIFT (Society for Worldwide Interbank Financial Telecommunication), the publication said, citing sources.

Russian President Vladimir Putin said on February 24 that in response to a request by the heads of the Donbass republics, he had made a decision to carry out a special military operation in Ukraine, stressing that Moscow had no plans of occupying Ukrainian territories.

The United States, the EU, the United Kingdom, and a number of other states responded to the actions of the Russian authorities by slapping sanctions against Russian physical and legal entities.

Source: Philippines News Agency

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