The European Union (EU) is weighing sanctions on companies in India and China that are enabling Russia's oil trade as part of an upcoming package of fresh restrictions, according to people familiar with the matter.
US President Donald Trump said over the weekend that he's prepared to move ahead with "major" sanctions on Russian oil if European nations do the same. The penalties would target the energy trade that's crucial to financing President Vladimir Putin's war on Ukraine, particularly buyers from China and India.
The US push puts the onus on Europe, which had delayed phasing out Russian gas until after 2027, and has given landlocked countries like Hungary and Slovakia temporary exemptions from its Russian oil sanctions. Still, crude from Moscow slumped to around 3% last year from 27% of EU imports before the war after sanctions took effect from 2022.
The EU is currently deliberating its 19th sanctions package against Russia, which could target about half a dozen Russian banks and energy companies, as well as Russia's payment and credit card systems, crypto exchanges and further restrictions on the country's oil trade, Bloomberg reported earlier.
The US's own proposal, which was pitched to Group of Seven members last week, includes tariffs of as much as 100% on China and India. It would also target Russian oil companies and the networks that enable Moscow to move crude and profit from the trade.
The EU would also have to figure out a way to overcome resistance from its own member states, particularly Hungary and Slovakia, who have been voicing concerns about the costs of shifting to alternative supplies of oil. The EU could consider various measures to address such worries when the exemption for the nations has been lifted.
US President Donald Trump said over the weekend that he's prepared to move ahead with "major" sanctions on Russian oil if European nations do the same. The penalties would target the energy trade that's crucial to financing President Vladimir Putin's war on Ukraine, particularly buyers from China and India.
The US push puts the onus on Europe, which had delayed phasing out Russian gas until after 2027, and has given landlocked countries like Hungary and Slovakia temporary exemptions from its Russian oil sanctions. Still, crude from Moscow slumped to around 3% last year from 27% of EU imports before the war after sanctions took effect from 2022.
The EU is currently deliberating its 19th sanctions package against Russia, which could target about half a dozen Russian banks and energy companies, as well as Russia's payment and credit card systems, crypto exchanges and further restrictions on the country's oil trade, Bloomberg reported earlier.
The US's own proposal, which was pitched to Group of Seven members last week, includes tariffs of as much as 100% on China and India. It would also target Russian oil companies and the networks that enable Moscow to move crude and profit from the trade.
The EU would also have to figure out a way to overcome resistance from its own member states, particularly Hungary and Slovakia, who have been voicing concerns about the costs of shifting to alternative supplies of oil. The EU could consider various measures to address such worries when the exemption for the nations has been lifted.
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