The draft of the sixth package of sanctions against Russia for the war in Ukraine started rolling on the tables of European diplomats and officials over the weekend. The European Commission is submitting it to member countries to then approve it in the coming days. Russian oil imports are expected to stop. But not immediately: we start by the end of 2022. The text also contains the prohibition for European companies to carry out consultancy in finance and services, a block on exports in the chemical sector and further sanctions against various personalities.
As expected for days now, the European Union wants to cut off the oil supply from Russia. The issue, as we know, is very delicate since some European countries are particularly dependent: not only Germany, but also Slovakia and Hungary. The result is that the embargo proposed to the Twenty-Seven will be gradual, and should come into full force on 31 December next.
The German government would be preparing to give the green light to stop Russian crude oil this week. But the Hungarian government has already announced it would veto energy sanctions.
Among the other proposals presented by the EU executive to the diplomatic representatives of the Twenty-seven, there is also an extension of the list of Russian banks excluded by Swift. Among the credit institutions affected, there is also Sberbank, which collects a third of Russian banking assets.
On the industrial front, the new package of sanctions will concern the blocking of exports to Russia of about 80 chemical products, also used for the production of chemical weapons. The export ban will also cover equipment needed for the production of chemical-type weapons.
Three other newspapers are also targeted, in the wake of the bans against Sputnik and Russia Today decided at the beginning of March. In addition, the sanctions will prohibit travel to the Union by other Russian personalities, including soldiers attributable to recent massacres and subjects linked to the oligarchs already sanctioned.
The proposals presented by the European Commission will now be negotiated between member countries. The goal is to allow entry into force by 9 May, a symbolic date for both Europe and Russia.
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