Seventh EU sanctions package against Russia expected in coming weeks — Bloomberg
12 July, 2022

The European Union plans to propose a new package of sanctions against Russia in the coming weeks. However, no restrictions on Russian gas are expected, as there is no agreement on this issue between the EU countries, writes Bloomberg with reference to its sources.

The publication previously reported that the bloc is working on restrictions on the import of Russian gold, which have already been introduced by the United States and Canada. Also, the new European sanctions may concern the elimination of loopholes in previous documents and the expansion of personal sanctions against individuals and companies.

Some countries, such as Poland, insist on expanding restrictions on Russian gas, but most EU countries do not support such a ban and believe that passing a gas embargo will be more difficult than an oil embargo.

A number of EU members, in particular Germany and Italy, are dependent on Russian gas and are already facing supply cuts. Analysts believe that Russia is deliberately cutting gas supplies to Europe in order to have leverage as winter approaches.

The sixth package of EU sanctions

The European Union could not agree on a new package of sanctions for more than a month — primarily because of the position of Hungary, which did not agree to the embargo on Russian oil. Finally, in the sixth package of sanctions, the EU introduced restrictions against representatives of the power and military leadership (related in particular to the massacre in Bucha), enterprises of the industrial and technological sector related to Russian aggression, oligarchs, subjects of Russian propaganda and members of their families.

In addition to personal restrictions, the new package provided for a partial embargo on Russian oil and the disconnection of one Belarusian and three Russian banks from the SWIFT payment system. However, the sanctions still do not apply to Gazprombank. Ukrainian journalists found out that it is through this bank that Western countries pay Russia for gas and oil, and then the Russian Federation pays salaries to soldiers fighting in Ukraine through the same bank.