EU Moves to Tighten Sanctions on Russia's Energy Exports Amidst Ongoing Conflict

The European Union, under the leadership of Ursula von der Leyen, proposes new sanctions targeting Russia's LNG exports, shadow oil tanker fleet, and major energy companies amidst the ongoing conflict in Ukraine. Aimed at coercing Russia into negotiations, these measures require endorsement from all EU member states.

The European Union is seeking to implement new sanctions against Russia, focusing on its exports of liquefied natural gas (LNG), a fleet of aging oil tankers, and significant energy firms. European Commission President Ursula von der Leyen emphasized the need for these measures to address the war in Ukraine. The proposed sanctions need approval from the 27 EU member countries to become enforceable.

Von der Leyen underscored the urgency, urging member states to adopt these measures swiftly. This move is part of a broader strategy to encourage Russia to negotiate for peace by cutting off its economic resources supporting the military efforts. The sanctions will further restrict financial activities of Russian energy giants Rosneft and Gazprom Neft, among others.

The EU, having imposed 18 sanction packages so far, aims to stop importing Russian LNG entirely by January 2027, with some member countries like Hungary and Slovakia posing resistance. Additional proposals include targeting Russian shipping vessels and expanding export restrictions to inhibit military support and economic stability for Russia.

(With inputs from agencies.)