European Commission President Ursula von der Leyen has stated that Russia’s war economy is fueled by revenues from fossil fuels, and Europe aims to cut those revenues.
“Russia’s war economy is sustained by revenues from fossil fuels, and we want to reduce these revenues. This is why we are banning imports of Russian energy into Europe. It is time to close the taps,” she said during the presentation of the EU’s 19th sanctions package against Russia.
“Russia’s actions are not those of a country seeking peace. In response, Europe is increasing pressure,” von der Leyen added, noting that “today I am presenting the 19th sanctions package.”
The European Commission’s proposals must now be approved by all 27 EU member states before they can take effect.
The bloc has already adopted 18 sanction packages against Russia, but reaching a final agreement on who and what will be targeted may take weeks.
The Commission has proposed targeting an additional 118 vessels from Russia’s shadow oil fleet, bringing the total to over 560.
“Major energy trading companies Rosneft and Gazprom Neft will now be subject to a comprehensive ban on transactions, and other companies will also face asset freezes,” von der Leyen added, if the measures are approved.
