Europe Proposes Sanctions โคon Chineseโฃ Firms Aiding Russian Oil Trade
Brussels – The European Commission has proposed a new round of sanctions targeting Chinese companies involved in the purchase of Russian oilโ products, escalating efforts to disrupt funding for Moscow’s war in Ukraine.โฃ The measures, announced Friday by European Commission President Ursula von der Leyen, aim to โคclose loopholes and โprevent Russia โฃfrom circumventing existing sanctions through third-party nations.
Von der Leyen stated the EU is “going after those who fuelled Russia’s war by โpurchasing oil in breach of theโ sanctions,”โค specificallyโข targetingโข refineries,โข oil traders, and petrochemical companies – including those in โฃChina. This marks the 19th package of sanctions levied against Russia โsince its full-scale โฃinvasion of Ukraine โin februaryโ 2022, andโ requires unanimousโค approval from the 27 EU member states toโข take effect.
the moveโ comes as the EU reports significant success in curtailing Russian oil revenue within Europe itself.โ “In three years, Russia’s oil revenues in Europe have gone down by 90 per cent. We are now turning that page โคfor โgood,”โฃ von der Leyen declared, alongside an announcement of a ban on EU purchases of Russian liquefied natural gas and furtherโฃ sanctions on Russia’s oil sector.
While details remain confidential pending member state approval, the proposed package is expectedโฃ toโข include a significant number of Chinese entities on a blacklist. The EU’s โaction reflects โgrowingโ concern over China’s roleโค as a key market forโข Russian energy, potentially undermining theโ effectiveness ofโ Western sanctions designed to pressure Moscow toโ endโ its aggression in Ukraine.