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EU member states will consider energy sanctions against Russia among the latest package of potential penalties for the invasion of Ukraine, a senior European Commission official said on Tuesday.
Valdis Dombrovskis, Vice-President of the Commission, said that penalties against Russian oil and coal were “definitely an option” for the Commission, but that it would be necessary to reach agreement among the member states. Some capitals have expressed skepticism about the idea.
“There are discussions going on about what can be done in the field of energy, such as coal and oil,” Dombrovskis said when he arrived at a meeting of finance ministers in Luxembourg. “What is important in this situation is that we come up with a strong and credible sanction package.”
Bruno Le Maire, the French Minister of Finance, also attended the meeting, reiterating that France was open to action against coal and oil, while stressing the importance of maintaining the unity of the 27 Member States.
“I believe that there is a total determination of all 27 Member States to strengthen sanctions, and that is the key point,” he said.
Finance ministers hold talks ahead of a meeting with EU ambassadors tomorrow in Brussels to discuss the fifth package of sanctions following Russia’s full-scale invasion of its neighboring country on 24 February. While some member states want to target Russia’s energy sector, others including Germany and Austria have warned of a sudden decision to stop imports.
The EU is not currently discussing reducing Russian gas imports, but officials seem more open to discussing oil or coal in particular. Other sanctions on the table include restrictions on other types of exports to Russia, including high-tech components, new lists of individuals linked to the Kremlin and closing loopholes in existing measures.
The pressure for new sanctions has increased after allegations that Russian forces have committed atrocities against civilians around Kyiv, the Ukrainian capital. Russia has dismissed the allegations as fabrications.
The finance ministers plan to discuss sanctions on Tuesday morning, as well as hold talks with Ukraine’s finance minister via video link.
They will also seek to reach agreement on the EU’s implementation of a minimum effective corporate tax rate following a global OECD agreement reached last year.