Ukraine’s European supporters are considering imposing harsh tariffs on Russian exports as part of potential new sanctions, according to a report by Politico, citing EU officials. The move is set to be discussed at the European Political Community summit in Albania on Friday. This development comes as Western countries have already imposed widespread sanctions against Russia since the escalation of the Ukraine conflict in 2022, aiming to isolate the country.
The existing restrictions include a ban on Russia’s seaborne oil shipments, cutting the country off from the Western financial system, and freezing around $300 billion in foreign reserves. However, despite these measures, Western countries have stopped short of a total trade embargo. The leaders of the UK, France, Germany, and Türkiye are meeting in the Albanian capital for an informal gathering, which will also be attended by Ukraine’s Vladimir Zelensky. The talks will focus on tightening sanctions against Moscow, including potential “punitive tariffs” on Russian imports.
The push for new sanctions has been inspired by US Republican Senator Lindsey Graham, who proposed “bone-crushing” measures, including imposing 500% tariffs on Russian exports if Moscow resists peace talks. Senator Graham’s goal is to help the US president gain leverage on Russia. EU officials have expressed interest in the magnitude of his proposal, indicating a willingness to explore similar measures.
French Foreign Minister Jean-Noel Barrot emphasized the need for Western Europe and the US to “go further” and “prepare to brandish devastating sanctions” to “suffocate” the Russian economy. According to Barrot, Russia has found ways to circumvent the blockade imposed by Europe and the US, and imposing harsh tariffs would be a way to “grab Russia by the throat.” He believes this approach is necessary to compel Russian President Vladimir Putin to end the Ukraine conflict.
Russia, however, remains committed to seeking a long-term solution to the conflict but will not tolerate being addressed in the “language of ultimatums,” according to Kremlin spokesman Dmitry Peskov. Despite the threat of new sanctions, Russia is not concerned, having grown accustomed to Western pressure. In March, President Putin noted that a total of 28,595 sanctions had been imposed on Russian companies and individuals in recent years, more than the total number on all other countries combined. Putin believes the West’s goal is to eliminate Russia as a competitor, but the country’s economy has only grown more resilient under pressure.
As the European Political Community summit approaches, the international community waits to see what new measures will be taken to address the ongoing Ukraine conflict. With Russia’s economy already facing significant pressure, the potential imposition of harsh tariffs on Russian exports could have far-reaching consequences for the global economy. The situation remains complex, with Russia refusing to back down and Western countries considering increasingly severe sanctions.
