Sweden and Finland called Sunday for the European Union to impose a complete maritime ban on ships transporting Russian oil, gas and coal, pressing for tougher measures in the bloc’s upcoming 20th sanctions package against Moscow.
Swedish Foreign Minister Maria Malmer Stenergard and Finnish Foreign Minister Elina Valtonen sent a joint letter to EU High Representative Kaja Kallas outlining three proposed measures aimed at cutting Russia’s war revenues.
The proposals include a full ban on maritime services for vessels carrying Russian fossil fuels from Russian ports, strengthened restrictions on Russian fertilizer exports to the EU, and elimination of price thresholds for luxury goods exports to Russia.
Sponsored · Antimony Resources
Stenergard said in the letter to Kallas that efforts to deter Russia are producing clear results. She mentioned that sanctions imposed on Russia’s energy sector and shadow fleet have significantly reduced revenues Russia can use for its aggression against Ukraine.
The maritime ban would substantially increase transportation costs for Russian energy exports. Stenergard estimated that restricting Russian fertilizer imports could cost Moscow approximately €1.4 billion ($1.6 billion). Fertilizers represent Russia’s third-largest export category to the EU.
Valtonen said the Russian threat is long-term and requires continued pressure regardless of any ceasefire or peace deal. The ministers presented their proposals Sunday at a security conference in Sweden.
The 20th sanctions package is expected by February 24, according to European diplomats. The EU sanctioned more than 40 vessels in Russia’s shadow fleet in December.
Both Nordic nations joined NATO following Russia’s 2022 invasion and have taken increasingly assertive positions on sanctions policy.
Information for this story was found via the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
