EU Prepares 6th Economic Sanctions For Russia, Crude Oil Embargo Becomes Option

Ukrainian President Volodymyr Zelenskiy welcomes European Commission President Ursula von der Leyen and European Union High Representative for Foreign Affairs and Security Policy Josep Borrell.(photo: doc.antara)

JAKARTA – The Russia-Ukraine war has not ended even though many sanctions have been imposed on the country led by President Vladimir Putin. To put pressure on the red bear country again, the European Union (EU) hopes to pass the sixth round of sanctions against Russia.

"It is planned that a meeting to discuss these new sanctions will take place at the next meeting of the EU Foreign Affairs Council," said the bloc's chief diplomat, Josep Borrell, Monday, May 2.

Josep Borrell told a news conference in Panama City, where he is on an official visit, that the EU hoped to curb Russia's energy exports as part of efforts to sanction Moscow over its invasion of Ukraine.

The European Commission, the EU's executive branch, is expected to propose a package of EU sanctions this week, including a possible embargo on buying Russian oil.

The sanctions are an act that would cost Moscow a huge revenue stream. But so far the sanctions have divided EU countries.

Borrell, who chaired the Foreign Affairs Council meeting, said he hoped the EU would be able to take "measures to significantly limit these imports" but acknowledged so far there was no agreement from all members.

"But I believe that, at least with regard to oil imports, this agreement will be possible between now and the next Council meeting," he said, as quoted by Antara.

The council has scheduled meetings for May 10 and May 16. The possibility of this Russian oil embargo sanctions will increase world oil prices, maybe even energy crises in a number of countries.