Close Menu
    Facebook X (Twitter) Instagram
    Facebook X (Twitter) Instagram
    SweetCrudeReportsSweetCrudeReports
    Subscribe
    • Home
    • Oil
    • Gas
    • Power
    • Solid Minerals
    • Labour
    • Financing
    • Freight
    • Community Development
    • E-Editions
    SweetCrudeReportsSweetCrudeReports
    Home » EU must impose sanctions on Russian oil, ministers tell divided bloc

    EU must impose sanctions on Russian oil, ministers tell divided bloc

    March 21, 2022
    Share
    Facebook Twitter LinkedIn WhatsApp
    *EU

    Brussels — The European Union should step up sanctions on Russia to target its lucrative energy sector, the foreign ministers of Lithuania and Ireland said on Monday at the start of a week of intense diplomacy aimed at agreeing more steps against Moscow.

    The European Union and its Western allies have already imposed a panoply of sanctions against Russia over its invasion of Ukraine, including freezing its central bank’s assets.

    The humanitarian crisis in the besieged port city of Mariupol is increasing pressure on Europe to do more.

    “Looking at the extent of the destruction in Ukraine right now, it’s very hard to make the case that we shouldn’t be moving in on the energy sector, particularly oil and coal,” Irish Foreign Minister Simon Coveney said before a meeting of EU ministers.

    But whether to target Russian oil, as the United States and Britain have done, is a tough and divisive choice for the 27-nation EU, which relies on Russia for 40% of its gas.

    Diplomats told Reuters that Baltic countries including Lithuania are pushing for an embargo as the next logical step, while Germany, which very much depends on Russian gas, is warning against acting too quickly because of already high energy prices in Europe.

    “It’s unavoidable we start talking about the energy sector, and we can definitely talk about oil because it is the biggest revenue to Russia’s budget,” Lithuanian Foreign Minister Gabrielius Landsbergis said.

    German Foreign Minister Annalena Baerbock said “the pictures that reach us from Ukraine are heart-breaking”.

    “This makes it even clearer that the EU, that the world that believes in a rules-based order, has to isolate this regime,” she said as she arrived at the EU meeting. But she declined to answer a question on what could trigger sanctions on Russia’s energy sector.

    Dependent on Russia
    Dutch Prime Minister Mark Rutte told a separate meeting that the EU was still dependent on Russian oil and gas and could not cut itself off by tomorrow, making clear there were limits on what the bloc could do at this stage. read more

    Diplomats have said a Russian chemical weapons attack in Ukraine, or a heavy bombardment of the capital Kyiv, could be a trigger for an energy embargo.

    Moscow itself has warned that EU sanctions on Russian oil could prompt it to close a gas pipeline to Europe.

    U.S. President Joe Biden arrives in Brussels on Thursday for talks with NATO’s 30 allies, the EU, and in a Group of Seven (G7) format including Japan, designed to harden the West’s response to Moscow.

    The Kremlin has so far not been moved to change course in Ukraine by series of EU sanctions, including on 685 Russians and Belarusians and on Russian finance and trade.

    A fifth round of sanctions will include adding more names to the EU blacklists with France saying that if the situation worsens even further in Ukraine there should be no “taboos” in terms of sanctions, officials said.

    Russia invaded Ukraine on Feb. 24. Putin has called Russia’s actions a “special operation” meant to demilitarize Ukraine and purge it of what he sees as dangerous nationalists. Ukraine and the West say these are baseless pretexts for an aggressive war.

    Defence ministers will also discuss a “strategic compass,” a new EU military strategy meant to adapt the bloc to a new geopolitical reality.

    “A massive war crime is happening in Mariupol,” EU foreign policy chief Josep Borrell said as he arrived for the meetings. “Russia is doing a lot of war crimes.”

    *Sabine Siebold, Robin Emmott, Ingrid Melander, Bart Meijer, John Irish, Robin Emmott & Ingrid Melander, Editing: Angus MacSwan – Reuters

    Follow us on twitter

    Related News

    Indigenous capacity, investors confidence takes center stage at NOGOF 2025

    Customs foil N3bn drug smuggling attempt at Apapa Port, three arrested

    Crude prices climb on geopolitical risks

    Comments are closed.

    E-book
    Resilience Exhibition

    Latest News

    BPP partners PCNG initiative to tackle poverty, promote economic efficiency

    May 23, 2025

    NSC saves N31bn as Ministry pushes for sectoral transformation

    May 23, 2025

    Shippers Council, ICPC pledge joint effort to tackle corruption

    May 23, 2025

    Oyetola hosts French Ambassador, seeks France’s support for Nigeria’s IMO Council bid

    May 23, 2025

    Ghana and Uganda currencies could gain as Nigeria holds steady

    May 23, 2025
    Demo
    Facebook X (Twitter) Instagram
    • Opec Daily Basket
    • Oil
    • Power
    • Gas
    • Freight
    • Financing
    • Labour
    • Technology
    • Solid Mineral
    • Conferences/Seminars
    • Community Development
    • Nigerian Content Initiative
    • Niger-Delta Question
    • Insurance
    • Other News
    • Focus
    • Feedback
    • Hanging Out With Markson

    Subscribe for Updates

    Get the latest energy news from Sweetcrudereports.

    Please wait...
    Please enter all required fields Click to hide
    Correct invalid entries Click to hide
    © 2025 Sweetcrudereports.
    • About Us
    • Advertise with us
    • Privacy Policy

    Type above and press Enter to search. Press Esc to cancel.