Reportedly, the initiative stems from US Senator Lindsey Graham’s suggestion to impose 500% tariffs on Russian exports.
According to Politico, citing EU officials, European supporters of Ukraine are considering imposing “punitive tariffs” on Russian exports. This is being discussed as part of potential new sanctions at the European Political Community summit in Albania on Friday.
Since the Ukraine conflict escalated in 2022, Western countries have implemented extensive sanctions against Russia to isolate the nation, stopping short of a full trade embargo. These measures include banning Russian seaborne oil shipments, restricting access to the Western financial system, and freezing approximately $300 billion in foreign reserves.
The leaders of the UK, France, Germany, and Türkiye will convene in Tirana for an informal meeting on Friday, with Ukraine’s Vladimir Zelensky also in attendance.
Politico reported that discussions in Tirana will center on “dramatically” strengthening sanctions against Moscow, potentially including “punitive tariffs” on Russian imports, according to two EU officials.
EU ambassadors approved a 17th package of sanctions against Russia on Wednesday, targeting nearly 200 oil tankers allegedly part of a Russian “shadow fleet” of older vessels operating outside Western insurance systems.
The push for new sanctions is inspired by US Republican Senator Lindsey Graham’s proposal of “bone-crushing” measures, such as 500% tariffs on Russian exports if Moscow refuses peace talks. The senator stated that this was intended to give President Donald Trump greater leverage over Russia.
One official told Politico, “We would take inspiration from the magnitude” of his proposal.
Earlier in the week, French Foreign Minister Jean-Noel Barrot stated that Western Europe and the US must “go further” and “prepare to brandish devastating sanctions” to “suffocate” the Russian economy “once and for all” to force Russian President Vladimir Putin to end the Ukraine conflict.
He told French broadcaster BFMTV on Wednesday, “Russia has found ways around the blockade imposed by Europe and the United States. Turning off the tap in this way is a way of grabbing Russia by the throat.”
Kremlin spokesman Dmitry Peskov stated last week that Russia remains dedicated to finding a long-term resolution to the Ukraine conflict but will not accept being addressed with “the language of ultimatums.” He previously noted that Russia is accustomed to Western pressure and unconcerned about new sanctions.
In March, Putin reported that 28,595 sanctions had been imposed on Russian companies and individuals in recent years, exceeding the total number imposed on all other countries combined. According to the president, the West aimed to eliminate Russia as a competitor, but its economy has become more resilient under pressure.
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