25 EU countries are ready for an oil embargo on Russia because they think they can afford it. Moscow, on the other hand, must reckon with long-term revenue losses.
Brussels/Vienna. The war in Ukraine shows no end, and the ongoing Russian attacks on the EU’s neighbor are putting the Union under renewed pressure. On Wednesday, EU Commission President Ursula von der Leyen will present the content of the sixth package of sanctions that the Brussels authority has put together with the member states against Russia in the Strasbourg plenary session of the European Parliament. “Die Presse” outlines the battle situation:
1) With what new means does the EU intend to put pressure on Moscow?
The detailed design of the new sanctions was worked on in Brussels at full speed until the end, the Commission’s draft was only sent to the EU capitals on Tuesday night. The main element is an embargo for Russian crude oil and oil products, which is to be equipped with protective clauses for the most affected EU members (see below) and introduced with a lead time – the deadline discussed was December 31, with a staggering of the transition periods would be possible. According to reports, the EU also wants to exclude other Russian banks from the global financial communication service Swift, this time the ban is also likely to affect Russia’s number one, Sberbank. Commercial lobbying for Russian state interests is also to be banned in the EU.