EU moves towards new sanctions on Russia: Sberbank also pulls out of Swift, phased oil embargo

It is a set of new sanctions against Russia that the European Commission will present to member states over the weekend and is expected to be approved in the coming days. In addition to the gradual ban on oil, it also provides a ban on consulting European companies on finance and services, preventing exports in the chemical sector and imposing additional sanctions against various individuals.

According to information gathered here in Brussels on Saturday, April 30, the proposals made by the EU administration to twenty-seven diplomatic representatives, firstly, an extension of the list of Russian banks excluded from Swift, are now well. Known financial news organization. Three lending institutions have been affected, including Sberbank, a bank that collects one-third of Russian bank assets. The Bank of Belarus may also be affected.

Towards a gradual ban on oil

As expected for several days, the EU wants to suspend oil supplies from Russia (see Il Sole / 24 Ore on April 28). The problem is more subtle because some European countries are more dependent than Germany, Slovakia and Hungary. As a result, the embargo proposed by the European Commission for Twenty-seven will be phased out and fully effective by December 31. In some cases, this gradual nature will lead to criticism.

However, a diplomat explains that similar gradual sanctions impose “irreversible nature of sanctions.” Meanwhile, twenty-seven can actually eliminate the dependence on Russian crude oil. At the same time, measures will be introduced to encourage Russian oil exports to third countries. In this sense, Brussels proposed twenty-seven to prevent it from issuing European insurance policies or to pass through European ports. In Russia, the EU decision to ban consulting services in the services and finance sectors is also interesting.

Professional and oligarchy groups are also targeted

At the industrial front, the new set of sanctions restricts the export of about 80 chemicals to Russia, which are used to manufacture chemical weapons. The export ban will also affect the equipment needed to make chemical weapons. It also says that all six broadcasters will be affected by the sixth embargo since Russia invaded Ukraine in late February, followed by sanctions against Sputnik and Russia Today in early March. On this front, technical work is still underway to apply the most appropriate legal basis.

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