It is another round of sanctions against Russia, as the country is not backing down but rather it appears to be intensifying the war against Ukraine. The exact proposals have not yet been made, and therefore may change slightly. After that, member states must agree. According to the sources, a decision on this could be taken as early as next week when there will be consultation again among the representatives of the member states.
Even a few days ago, an imminent oil embargo seemed unthinkable, even as the EU’s unease grows as billions of euros continue to flow into Russia’s war coffers. Heavyweight Germany did not want to hear about the boycott because such a punishment would badly hurt the German economy. But last week the turn began. Berlin made it clear that, on reflection, Germany could soon do without Russian oil.
Hungary, which attacks Russia the least harsh of all the European Union countries and previously declared oil and gas sanctions a taboo, now looks less strict. Sanctions require the support of all Member States. In all the severe EU sanctions imposed on Russia since the Russian invasion, Hungary has not once chosen a collision course.
The European Commission will also propose to expel Sberbank from SWIFT, among other things. Sberbank is the largest bank in Russia and also plays a role in energy trading. Gazprombank, which is crucial for gas import, will not be affected.