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The European Union should target Russia’s exports of liquefied natural gas, its shadow fleet of aging oil tankers and major energy companies with new sanctions over its war on Ukraine, European Commission President Ursula von der Leyen said on Friday. “It is time to turn off the tap,” von der Leyen said in a video statement. The commission’s proposals must be endorsed by the 27 EU countries before they can enter force. “I now call on member states to quickly endorse these new sanctions. We want Russia to leave the battlefield and come to the negotiation table, and this is the way to give peace a real chance,” von der Leyen said. According to Associated Press the bloc has already agreed on 18 packages of sanctions against Russia and getting final agreement on who and what to target can takes weeks. More than 2,500 “entities” like banks, ministries and energy companies, and officials have already been hit. The officials include President Vladimir Putin and his associates, scores of Russian lawmakers and several oligarchs. Travel bans and asset freezes are the most common measures. Energy revenue is the linchpin of Russia’s economy, allowing Putin to pour money into the armed forces without worsening inflation for everyday people and avoiding a currency collapse. But von der Leyen insisted that EU sanctions are having an impact. “Russia’s overheated war economy is coming to its limit,” she said, noting in particular constant high inflation in Russia. Among the commission’s proposals, 118 additional vessels from Russia’s shadow fleet of ships transporting oil would be targeted, bringing the total hit to over 560. Major energy trading companies Rosneft and Gazprom Neft will now be on a full transaction ban, and other companies will also come under an asset freeze if the measures are endorsed, von der Leyen said. Part of the plan, she said, would be to go “after those who fuel Russia’s war by purchasing oil in breach of the sanctions." Von der Leyen said that the commission wants to “target refineries, oil traders, petrochemical companies and third countries including China.” The sanctions would also include export restrictions on “items and technologies” that can be used on the battlefield.
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