EU contemplates ‘punitive’ fresh tariffs on Russia
(MENAFN) European Union leaders are reportedly considering the introduction of steep new tariffs on Russian imports as part of a fresh wave of sanctions, Politico reported, citing EU officials. These measures, described as "punitive tariffs," are expected to be discussed during the European Political Community summit in Tirana, Albania, on Friday. Leaders from the UK, France, Germany, Türkiye, and Ukrainian President Vladimir Zelensky are attending the meeting.
While the EU and its allies have already implemented broad sanctions against Russia since the Ukraine conflict intensified in 2022, they have stopped short of a complete trade ban. Existing restrictions include a prohibition on Russian seaborne oil exports, disconnection from the Western financial system, and the freezing of around $300 billion in Russian reserves.
At the summit, officials aim to significantly escalate pressure on Moscow. The most recent, 17th package of sanctions, which was approved by EU ambassadors on Wednesday, targets nearly 200 Russian oil tankers alleged to be part of a “shadow fleet” operating outside Western oversight.
The new push appears to take cues from US Senator Lindsey Graham, who proposed extreme measures such as 500% tariffs on Russian goods to pressure Moscow into peace negotiations. An EU official told Politico that Europe could “take inspiration from the magnitude” of Graham's proposal.
French Foreign Minister Jean-Noel Barrot echoed this sentiment, stating that the West must prepare to enforce "devastating sanctions" capable of "suffocating" Russia’s economy. He emphasized the need to close loopholes that have allowed Russia to bypass existing sanctions.
In response, Kremlin spokesman Dmitry Peskov reiterated Russia’s willingness to pursue peace but rejected ultimatums. President Vladimir Putin has also stressed that despite a record-breaking 28,595 sanctions imposed on Russia, its economy has become more resilient, countering Western efforts to weaken it.
Legal Disclaimer:
MENAFN provides the
information “as is” without warranty of any kind. We do not accept
any responsibility or liability for the accuracy, content, images,
videos, licenses, completeness, legality, or reliability of the information
contained in this article. If you have any complaints or copyright
issues related to this article, kindly contact the provider above.
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
