Published by Global Banking & Finance Review®
Posted on January 12, 2026
2 min readLast updated: January 20, 2026
Add as preferred source on GoogleSweden urges the EU to ban support for Russia's oil fleet, targeting Moscow's revenue sources with new sanctions on fertilisers and luxury goods.
STOCKHOLM, Jan 12 (Reuters) - The European Union should ban companies from providing any support to Moscow's oil and gas-shipping fleet, introduce sanctions against Russian fertilisers and stop luxury goods exports to Russia, Sweden's foreign minister said on Monday.
The 27-nation bloc is currently preparing its 20th sanctions package aimed at punishing Russia for its war in Ukraine. Previous sanctions have focused heavily on hobbling its oil and gas sector, the Kremlin's primary source of revenues.
"The pressure on Russia has to be increased," Foreign Minister Maria Malmer Stenergard said at an annual security conference in the town of Salen, in western Sweden.
Stenergard said the EU's next sanctions package should include a total ban on European companies providing services to Russian ships carrying oil, gas and coal.
"No transport, no reloading of goods between ships, no insurance and no port repairs," she said.
The EU should also impose sanctions on exports of Russian fertiliser, Russia's third-biggest export to the EU.
The EU imposed tariffs on fertiliser imports from Russia in July last year. Russia produces more than 20% of the world's fertiliser and supplies around 25% of the EU's fertiliser imports.
"And we want to put an end to exports of luxury goods from the EU to Russia," she said. "It irritates me that rich Russian consumers can wear expensive Italian clothing brands and drink fine French wines."
The EU has imposed 19 packages of sanctions against Russia since its invasion of Ukraine in 2022.
(Reporting by Simon Johnson; Editing by Bernadette Baum and Joe Bavier)
A sanction is a penalty or restriction imposed by one country or group of countries on another, often to influence behavior or enforce international law.
The oil and gas sector encompasses the exploration, extraction, refining, and distribution of oil and natural gas, which are crucial energy resources.
Luxury goods are high-end products that are not essential and are often associated with wealth and exclusivity, such as designer clothing and fine wines.
Sanctions can significantly reduce a country's exports by limiting access to international markets, affecting its economy and trade relationships.
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