Sweden and Finland propose new EU sanctions to curb Russia's revenue

Sweden and Finland have jointly proposed a significant tightening of European Union economic sanctions against Russia, focusing on cutting key revenue streams that fund Moscow's military. The Nordic nations outlined their plan during the Rikskonferensen security conference in Salen, Sweden, on Monday.

A Long-Term Strategy of Pressure

Finnish Foreign Minister Elina Valtonen emphasized that the Russian threat requires sustained economic pressure, irrespective of potential future ceasefire agreements. "We believe that the Russian threat is a long-term one. That means we need to keep up the pressure regardless of a possible ceasefire or peace agreement," she stated. The proposals include raising customs duties on all Russian imports and imposing new export restrictions, including on luxury goods.

Targeting Energy and Fertilizer Exports

Swedish Foreign Minister Maria Malmer Stenergard identified energy exports as central to Russia's war capacity. She proposed a comprehensive EU ban on ships carrying Russian oil, gas, or coal to EU ports. Stenergard also highlighted a potential ban on Russian fertilizer imports, estimating it could create a €1.4 billion deficit for the Russian economy. She expressed hope that these measures would be incorporated into the EU's next sanctions package.

Reducing European Dependence

Both ministers stressed the broader strategic need for the European Union to reduce its dependency on Russian exports. They suggested that Russian fertilizers could be replaced through increased domestic EU production and imports from alternative supplier countries. The proposals reflect the ongoing effort by these newer NATO members to shape a more robust and enduring European security policy against Moscow.