EU Unveils New Sanctions Package Targeting Russian Oil Exports

Overview of the New Sanctions Package

BRUSSELS, Feb 6 (Reuters) - The European Commission has proposed a new package of sanctions against Russia including a full ban of maritime services for Russian oil exports, Commission President Ursula von der Leyen said on Friday.

Russia exports over a third of its oil in Western tankers - mostly to India and China - with the use of Western shipping services. The ban would end that trade, which is mostly done through the fleets of EU maritime countries including Greece, Cyprus and Malta.

Sources told Reuters in December the EU and G7 were in talks on a ban on services to replace a price cap on Russian oil exports, in a bid to reduce the oil revenue that helps finance Russia's war in Ukraine.

Key Components of the Sanctions

The new package of sanctions, the 20th since Russia launched its invasion of Ukraine almost four years ago, are meant to push Russia into serious peace negotiations, von der Leyen said.

"Russia will only come to the table with genuine intent if it is pressured to do so. This is the only language Russia understands. That is why we are stepping up today," she said in a statement.

Impact on Russian Economy

Von der Leyen said the new sanctions would also include a new import ban on metals, chemicals and critical minerals not yet under sanctions and restrict even more European exports to Russia.

Next Steps for EU Member States

It would also list 20 more Russian regional banks and take measures against cryptocurrencies and trading companies, the commission said.

The sanctions proposal has to be endorsed by EU member states to become effective.

(Reporting by Inti Landauro and Julia Payne, editing by Bart Meijer)