Oil, Russian oligarchs, banks: what to remember from the 6th package of European sanctions announced by Macron

He took the floor this afternoon to announce the news. After the exceptional meeting of the European Council, Emmanuel Macron presented the sixth package of EU sanctions against Russia.

In front of the press, the French President spoke of a “very strong package that a few weeks ago no one thought possible”. “I don’t think anything should be ruled out for the coming weeks, it all depends on the evolution of the situation on the ground,” he then added.

Arsenal of sanctions

In detail, it is a question of “sanctioning 80 oligarchs”, “banning three television channels”, “exiting the first Russian bank from payment systems” and above all “having an exit by the end of the year 92% Russian oil”. The objective is “to penalize the Russian economy in the short term”.

But this last measure is not without consequences for European countries. Emmanuel Macron indicated that it would lead to “a restructuring of our economies”.

Exemption measures

The French President specified that “exemption measures have been decided for very dependent States which do not have access to the sea, within a very specific framework with a time limit of 18 to 24 months.”

Regarding the question of Defence, the EU has “recognized the need to invest more, beyond 500 million euros” in order “to equip itself more and build a stronger industrial base”.

Emmanuel Macron also mentioned the issue of “food security” at the global level. “We will try, as soon as possible, to deliver the cereals blocked in Ukraine to the countries which need it the most”, he also indicated.

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