Some urge divided EU to hit Russia with oil sanctions

  • Date: 22-Mar-2022
  • Source: Zawya
  • Sector:Oil & Gas
  • Country:Gulf
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Some urge divided EU to hit Russia with oil sanctions

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BRUSSELS- The European Union should deepen sanctions on Russia to target its lucrative energy sector, the foreign ministers of Lithuania and Ireland said on Monday at the start of a diplomatic flurry over how to punish Moscow for its invasion of Ukraine.

The European Union (EU) and allies have already imposed a panoply of measures against Russia, including freezing its central bank's assets.

Russia's siege and bombardment of Mariupol port, which EU foreign policy chief Josep Borrell called "a massive war crime," is increasing pressure for action.

But targeting Russian oil, as the United States and Britain have done, is a divisive choice for the 27-nation EU, which relies on Russia for 40% of its gas. Some argued on Monday that the EU could no longer avoid such a step.

"Looking at the extent of the destruction in Ukraine right now, it's very hard to make the case that we shouldn't be moving in on the energy sector, particularly oil and coal," Irish Foreign Minister Simon Coveney said before a meeting of counterparts.

Lithuania's Foreign Minister Gabrielius Landsbergis concurred: "It's unavoidable we start talking about the energy sector, and we can definitely talk about oil because it is the biggest revenue to Russia's budget."

Diplomats cautioned,