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In a tweet on May 3, Josep Borrell, the EU official responsible for foreign policy in the Executive Committee, said the EU was working on the 6th sanctions plan on Russia. The EU will ban more Russian banks from using SWIFT, including Russia’s top lender, The Savings Bank of the Russian Federation. The EU is also working to identify the source of disinformation and taking measures to sanction the perpetrators. It is also looking at ways to address the oil import issue.

Borrell said these proposed sanctions would be submitted to the 27 EU member nations for approval. EC President, Von der Leyen, is expected to announce the sanctions soon, including a ban on oil imports before the end of this year. 

For the ban on oil imports, there is disagreement among member nations due to Europe’s dependence on Russia for 26% of its oil supply.

Some countries are highly dependent on Russian crude oil. Reports indicate that Europe has paid €47 billion in oil and gas bills to Russia since the war broke out in February. This has weakened the effect of EU sanctions on Russia. But resistance is beginning to fade after the EU granted sanction exemptions to Slovakia and Hungary last week.

Posted by: Yuki jiang

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