Following the Commission’s announcement of a sixth package of sanctions against Putin’s regime, the Socialists and Democrats in the European Parliament back this new step to weaken Russia’s capacity to finance its war against Ukraine.

During a plenary debate on how to reinforce the EU to face the social and economic consequences of the war and sanctions, the S&D Group leader, Iratxe García MEP, said:

“Today we need a wide-reaching and urgent economic scheme to combat the rises in poverty, inequality, unemployment and the loss of purchasing power as a result of rampant inflation caused by rising fuel and food prices.

“We can’t tolerate that large energy multinationals obtain extraordinary windfall profits while the most vulnerable households and SMEs face the consequences of the war. We should have learned from the financial crisis and must extend the Stability and Growth Pact's escape clause to invest in new technologies, social justice, stronger defence and a carbon-free future.

“The next step in our sanctions should be a complete embargo on oil and gas from Russia. We have supplied Ukraine with €1.5 billion worth of weapons, while we have paid Russia €63 billion in fuel since the start of the war. Without the income from gas and oil, Russia would have practically lost the war by now.

“To remain firm in our support for Ukraine, we must strengthen our determination and acknowledge the asymmetric effects of this crisis, sharing the efforts and pooling the costs. Strengthening our union also means putting an end to a European Union of first-class and second-class citizens, thus incorporating Romania and Bulgaria into the Schengen area and protecting our values ​​in a true area of ​​freedom, security and justice.”