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New EU sanctions on Russia to target Sberbank, Commission head tells paper -Breaking


© Reuters. In Moscow, Russia on December 24, 2020, the logo was displayed in an Sberbank office. REUTERS/Maxim Shemetov

FRANKFURT, (Reuters) – The European Union will soon impose sanctions against Russia, including on banks and oil. This was the statement of Ursula von der Leyen, head of the European Commission.

Bild am Sonntag published an interview with her asking for key points regarding a sixth round planned of sanctions.

We are now looking at Sberbank and the Russian banking industry, 37%. There are also energy issues,” she added.

Because Gazprombank and Russia’s biggest bank are the two main payment channels for Russian oil, Gazprombank has been spared from sanctions in the past. EU members have continued to buy Russian oil and natural gas despite conflict in Ukraine.

Additionally, she stated that the EU had developed “clever mechanism” to allow oil to be included in any future sanctions.

She was quoted saying, “What shouldn’t happen is that Putin (Russian President Vladimir Putin) collects higher prices on other market for supplies that would otherwise be sent to the EU.”

She stated that shrinking Putin’s revenue is the top priority.