Stop sending billions to Putin

09.11.2023 9:49

Stop sending billions to Putin

Spasskaya tower of the Kremlin at sunset on the Red Square in Moscow

The EPP Group calls on the EU and its Member States to completely close their markets for Russian fossil fuels. The G7 countries should substantially lower the price cap on Russian oil and petroleum products. Russian Liquefied Natural Gas (LNG) and Liquefied Petroleum Gas (LPG) imports should be banned, as well as shipments of Russian oil and LNG exports through the EU. Moreover, new systems should be established to improve the enforcement of the ban on military and dual-use goods.

These are some of the recommendations that the European Parliament will adopt today in a resolution calling for improvement in the effectiveness of the EU sanctions on Russia, initiated by the EPP Group MEP Andrius Kubilius.

“The fact is that Russia is still capable of financing its war against Ukraine. Russia is still the EU’s second largest supplier of LNG, and the EU still remains one of Russia’s largest clients for fossil fuels. Purchases of Russian LNG or Russian origin oil from the non-EU states are not restricted and currently run well above the levels seen before the start of Russia‘s invasion of Ukraine," points out Kubilius, who is also the Parliament’s spokesman on Russia. 

“Despite the fact that the price cap sanctions have heavily hit Russian incomes, Russia is still able to receive approximately €700 million a day from its fossil fuel exports, and the EU is still sending to Russia around 2 billion euro per month for the import of oil and gas. It is time for us to look at how we can increase the effectiveness of our sanctions policy, especially on gas and oil”, emphasises Kubilius. 

The Parliament also calls on the EU and Member States to improve the coordination in the enforcement of the existing sanctions on Russian oil exports and for harmonised checks on the origin of imports of fossil fuels, LNG and refined fossil fuels to prevent the re-export of Russian energy to the EU. It calls for a ban on fuel and other petroleum products from outside the EU if they are produced using Russian oil. It also calls for price and volume caps to be placed on imports of Russian and Belarusian fertilisers and sanctions against all the major Russian oil companies, their subsidiaries, boards and management. MEPs also propose to restrictions on tanker services, including tanker insurance, and an embargo on the sale of the tankers to Russia.

“While Vladimir Putin keeps waging his brutal war against Ukraine, we keep paying into his pockets. The inability of the EU to effectively stop energy imports from Russia prolongs the destruction of Ukraine. We cannot wait and tolerate it, enabling it to continue, especially not on the eve of the opening of EU-Ukraine accession talks. EU sanctions on Russia should last until it fully retreats from Ukraine," stresses Kubilius.

Note to editors

The EPP Group is the largest political group in the European Parliament with 178 Members from all EU Member States

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