The European Union is preparing to target Russia with new sanctions because of its war on Ukraine. EU High Representative for Foreign Affairs Josep Borrell said that Russia’s oil sector, its banks and those responsible for disinformation efforts will be subject to sanctions.
“We are working on the sixth package of sanctions aimed at removing more Russian banks from the SWIFT system, identifying those involved in disinformation activities and preventing oil imports,” Borrell said in a Twitter message.
European diplomats said that the latest sanctions package of the European Union will target Sberbank, Russia’s largest credit provider bank, so that Sberbank will join the banks that were previously removed from the SWIFT system.
Borrell noted that the sanctions measures that the European Commission plans to take against Russia will be submitted to the 27 members of the EU for approval.
European Commission President Ursula von der Leyen will announce new sanctions proposals Wednesday, which would include banning Russian oil imports by the end of the year, officials said.
Russian President Vladimir Putin signaled on Tuesday that he could cancel exports and deals in response to EU and US sanctions.
An embargo on Russian oil could cut off one of Moscow’s biggest revenue streams. However, in Europe, which is dependent on Russia for 26 percent of its oil exports, the agreement on the planned sanctions on Russian oil divided the EU countries.
Hungary and Germany are countries that have reservations about the oil embargo. These two countries are concerned that rising energy prices will further harm EU economies, which are already struggling with high inflation.
Diplomats told Reuters news agency that resistance to the oil import ban was broken after the agreement reached over the weekend, which offered exemptions to Russian oil-dependent Slovakia and Hungary.
According to the Energy and Clean Air Research Center data, EU countries have paid Russia 47 billion 430 million dollars for oil and natural gas since February 24, when Russia invaded Ukraine.