The EU will delay the formal proposal of its 19th package of sanctions against Russia as it seeks to coordinate more closely the actions with planned G7 measures, an EU diplomat told Bloomberg on Tuesday.
The EU was initially expected to formally propose the new sanctions package on Wednesday, but it has come under U.S. pressure to impose tariffs on China and India for their continued purchases of Russian oil.
The G7 group of the world’s most advanced economies – which include the U.S., the UK, Germany, France, Italy, Canada, and Japan – is currently discussing a new package of sanctions against Russia, with a view to finalizing a text within two weeks, an anonymous source with knowledge of the plans told Bloomberg.
In the 19th package, the EU is weighing options to impose fresh sanctions on Russia’s oil industry and exports by sanctioning major energy firms and erecting more barriers to Russian oil trade.
Last week, U.S. President Donald Trump reportedly urged U.S. partner countries in the G7 group to impose tariffs on China and India in punishment for their continued energy trade with Russia.
President Trump has called on the EU to impose tariffs of up to 100% on China and India over their imports of Russian oil in an attempt to force Russia’s President Vladimir Putin to sit down for genuine peace talks for Ukraine.
China and India remain the two key importers of Russian crude, with India unwavering in its purchases even after the U.S. doubled the tariffs on imports of Indian goods to 50%, due to India’s continued buying of crude from Russia.
The U.S. President and other top officials have signaled they would tighten the screws on Russia’s oil with more sanctions and tariffs but only if the EU and the G7 agree to do the same. This has put the ball in the EU’s court.
By Tsvetana Paraskova for Oilprice.com