European powers France and Germany suggest economic penalties against Russian oil company Lukoil within the European Union
In a significant move, France and Germany have proposed a new sanctions package against Russian oil company Lukoil, marking the 19th such initiative against Russia. This proposed sanctions document focuses on financial transactions, particularly those involving Lukoil, a leading Russian oil producer.
Lukoil, known for its presence in the EU, owns gas stations in countries like Belgium. The company is also one of the last private groups in the Russian oil sector. However, it's important to note that the document does not specify any new entities, companies, or third countries being targeted beyond the 250 small banks and Lukoil.
The proposed sanctions do not directly address the sale of oil and gas as the main source of funding for Russia's military efforts against Ukraine, as it has been previously mentioned. Instead, they aim to tighten control over financial transactions that could support Russia's military efforts.
The proposal targets entities, companies, and third countries involved in hydrocarbon sales, including Lukoil. Interestingly, the sale of oil and gas is considered the main source of funding for Russia's military efforts against Ukraine. However, the proposed sanctions do not target Lukoil's oil refineries supplied with Russian oil and resold within the EU under another origin, as it has been previously mentioned.
The names of the approximately 250 small and regional banks involved in circumventing Western sanctions to support Russian military efforts are not specifically disclosed in the available documentation or reports. Only the general fact that around 250 such banks are involved in international transactions aiding Russia's war efforts is mentioned without naming them individually.
In addition, Paris and Berlin aim to tighten sanctions against third countries facilitating the circumvention of existing sanctions. This move is intended to close loopholes and strengthen the effectiveness of the sanctions.
It's worth noting that the EU has stopped all imports of Russian oil, except for Slovakia and Hungary due to their significant dependence on Russian oil. These two countries were exempted from the ban.
The document suggests paying more attention to the financial mechanisms Russia uses to circumvent Western sanctions. This underscores the need for continuous monitoring and adaptation of sanctions to effectively curb Russia's military efforts against Ukraine.
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