BRUSSELS (AP) 鈥� The European Union’s executive arm proposed further sanctions against Russia on Friday over the Ukraine war, including a ban on shipping services that help Moscow’s oil industry and measures targeting the country鈥檚 financial services and trade sectors.
European Commission President Ursula von der Leyen said that despite to end the war, 鈥渨e must be clear-eyed: Russia will only come to the table with genuine intent if it is pressured to do so.鈥�
The shipping services ban, which would need to be endorsed by EU member states, would 鈥渟lash further Russia鈥檚 energy revenues and make it more difficult to find buyers for its oil,鈥� she said.
Oil revenue is the , allowing President Vladimir Putin to pour money into the armed forces without worsening inflation for everyday people and avoiding a .
Von der Leyen said the EU should impose the ban in coordination with the Group of Seven major world powers and other international partners. She said that dozens more ships working in Russia鈥檚 transporting oil should also be targeted.
The EU鈥檚 27 national envoys will start to discuss the proposals on Monday. The bloc has already imposed of sanctions on Russia over its attacks on Ukraine, but getting final agreement on who and what to target can take weeks.
The aim is to have the new measures endorsed by the EU member countries by Feb. 23, the eve of the war鈥檚 fourth anniversary.
Von der Leyen said other proposals aim to restrict Russia鈥檚 banking system and its ability to create alternative payment channels to fund its economy. 鈥淭his is Russia鈥檚 weak point, and we are pressing hard on it,鈥� she said.
Other measures would include new bans on goods and services, including rubber, tractors and cybersecurity services. An import ban would be slapped on metals, chemicals and critical minerals that are not already under sanctions.
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