EU to impose sixth package of sanctions on Russia, might include oil embargo: official

The sixth package of sanctions against Russia may include some form of an oil embargo, Executive Vice President of the European Commission (EC) Valdis Dombrovskis said. As the bloc moves forward to completely phase out Russian coal by August, the top EU official emphasized that it was necessary to make sure the damage to the European Union’s member states is minimized. The bloc has imposed five packages of sanctions on the Russian Federation till now, largely scaling down its business in Europe.

“We are working on a sixth sanctions package and one of the issues we are considering is some form of an oil embargo. When we are imposing sanctions, we need to do so in a way that maximizes pressure on Russia while minimizing collateral damage on ourselves," Dombrovskis told The Times. However, he stopped short of disclosing the details of the oil embargo but said that it could either include a gradual phase-out or imposition of tariffs beyond a certain price cap.

Previously, Politico had reported that the EU was mulling the sixth package of sanctions on the Vladimir Putin-led country which could include an oil embargo as well as tougher sanctions on Russian businesses including cutting off more banks from SWIFT. Society for Worldwide Interbank Financial Telecommunications (SWIFT) is a cooperative society providing services related to the execution of financial transactions and payments between banks worldwide

Meanwhile, the Kremlin has stated that Moscow will redirect coal supplies to alternative markets after the European Union rejected the shipments. Kremlin spokesperson Dmitry Peskov said that the coal shipments will be diverted to different markets as Europe refused to consume it. "Of course, coal is still a very popular commodity," TASS news agency reported. It is pertinent to mention here that the European Union members approved the fifth set of sanctions against Russia on Thursday, April 7. It includes limitations on oligarchs and financial institutions, as well as bans on Russian coal shipments and high-tech commodities.

62 days since Russia launched operation

It has been 62 days since Russian President Vladimir Putin launched what he said was a “special military operation to denazify” Ukraine. The war that followed, has now left thousands dead, cities pulverized and turned the ex-soviet state into a macabre trap. The gruesome conflict has not only affected Ukraine, which was once the world’s third-largest nuclear power, but also neighbouring countries.

(Image: AP)