The European Union (EU) is considering the introduction of new tariffs on Russian exports, which could lead to a complete trade embargo. Although the bloc has already imposed significant restrictions against Russia, it has refrained from implementing an embargo as tariffs were seen as a way to circumvent sanctions that Hungary blocked.
This is reported by Business • Media
Largest sanctions package in history
German Chancellor Friedrich Merz announced the approval of the 17th EU sanctions package, scheduled for May 20. This package will be the “largest in history,” as it will cover four sanctions regimes: for the war in Ukraine, human rights violations, hybrid warfare, and the use of chemical weapons. It will include over 130 individual sanctions. In addition, Germany will strengthen its control over Russia’s “shadow” tankers in the Baltic Sea.
Further EU plans for sanctions
At the same time, the EU has already begun work on the 18th sanctions package against Russia. It may include restrictions on banks from third countries that support Russia’s defense industry and military, as well as on Russian financial institutions that have not yet been sanctioned.
European Commission President Ursula von der Leyen stated that the bloc will continue to increase pressure on Putin to achieve peace. Further sanctions will also include measures against the “Nord Streams,” a reduction in the price cap on oil, and an expansion of the list of sanctioned vessels.