Europe should do more to implement Russian sanctions, according to a leading European Commissioner speaking at the World Economic Forum annual meeting in Davos.
The continent is buying Russian gas at record rates and LNG volumes totalled 17.8 million tonnes last year, up two million tonnes year-on-year, which is funding Putin’s war on Ukraine.
Valdis Dombrovskis, Commissioner for Economy and Productivity, Implementation and Simplification, European Commission said, “Certainly domestic politics plays a role, and the dynamics are different in different EU states. To agree on sanctions, we need unanimity from all 27 EU member states. We must remember that Russia’s largest source of revenue is their energy exports. The G7 has introduced a Russian oil cap at $60 a barrel but we could and should do more. I would say overall, our sanctions are working.”
EU sanctions on Russia introduced last summer included a ban on the transshipment of Russian LNG to third countries but fell short of a full ban.
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