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Fin Mins Set To Discuss Stricter Sanctions On Russia

EU-RUSSIA

EU Economic and Financial Affairs Council meeting of EU finance/economy ministers has just gotten underway in Brussels, with the latest round of sanctions on Russia likely to be discussed and approved before sending to EU member state gov'ts this evening or tomorrow morning before permament representatives deliver final sign off in Wednesday's Coreper II meeting.

  • Politico reporting that three main strands of sanctions are being considered: greater restrictions on hi-tech exports, more numerous and stringent sanctions on Russian individuals, and more sanctions on four Russian banks that have already been removed from the Swift banking system.
  • The actions of Russian troops in the Ukrainian town of Bucha have increased calls for the EU to drastically reduce or halt all hydrocarbon imports from Russia. However, given the reliance of many member states on Russia for gas supplies this is not on the table in the latest round of sanctions.
  • Politico reporting that CEE EU members, as well as France, calling for sanctions on Russian oil, but this was blocked by Austria, while Germany also expressed reservations.
  • Presser from the Econ and Fin Aff Council will take place this afternoon, no set time as of yet.
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