France and Germany proposed to expand sanctions against Russia, focusing on companies involved in energy sales.

France and Germany propose new sanctions against Russia

According to AFP, sources said on Monday that France and Germany proposed that the EU include Russian oil company Lukoil in the scope of sanctions. Lukoil is a Russian company with operations in Europe. Additionally, countries outside the EU that help Russia sell oil will also be sanctioned, which will be part of the 19th round of sanctions being prepared by the EU.

It is reported that in a working document, France and Germany emphasized that the sale of oil and natural gas is a major source of funding for Russia's war efforts. Therefore, they believe it is necessary to further focus the sanctions on companies that play a key role in Russia's energy sales, including Lukoil, which is one of the few private groups in the Russian oil industry. As one of Russia's main oil producers, the company has many gas stations in the EU, especially in Belgium.

France and Germany also want to strengthen sanctions against third-party entities that help circumvent existing sanctions, such as certain refineries that use Russian oil to refine and then sell it in the EU market under other origins.

Since Russia invaded Ukraine, the EU has stopped importing Russian oil, but due to Slovakia and Hungary's reliance on Russian oil, they have been given exemptions.

The document also recommends strengthening measures against financial institutions used by Russia to circumvent Western sanctions. The document states that at least 250 small banks have participated in financial transactions supporting Russia's war. This Franco-German joint document aims to provide a reference for discussions on the next round of EU sanctions.

Following the 18th round of sanctions announced in mid-July, the EU is preparing a new round of sanctions, mainly aimed at cutting the funds Russia gains from oil revenues.

Currently, the European Commission is drafting these recommendations, which will then require approval from the 27 EU member states.

The United States has stated its readiness to impose a new round of sanctions against Russia and has called on Europe to take action. The EU's special representative for sanctions, David O'Sullivan, is expected to meet with US officials in Washington on Monday to discuss the sanctions matters.

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