EU considers full trade embargo against Russia, Politico reports

According to diplomats, after Russian president Vladimir Putin rejected the ceasefire, leaders of the European Union and Britain are looking for ways to deliver a "knockout blow" to the Russian economy.

As Politico writes, the plan under discussion is inspired by a proposal from Republican Lindsey Graham, who suggested imposing 500% sanctions on Russian exports. Potential measures against Moscow may include tariffs on Russian exports or a full trade embargo.

Although Graham is unlikely to gain support from White House head Donald Trump regarding sanctions against Russia, Ukraine's allies may advance their own "mega package" without US participation.

Politico adds that today, May 16, EU countries and their neighbors, including Ukraine and Britain, are gathering in Albania for the sixth summit of the European Political Community (EPC).

European Political Community

The EPC is a platform created in 2022 for political and strategic dialogue on Europe’s future. The initiative emerged after Russia's full-scale invasion of Ukraine.

The first EPC meeting took place in October 2022 in Prague, bringing together representatives from 44 European countries, as well as the presidents of the European Council and the European Commission.

Sanctions against Russia

After the start of the full-scale war, the EU, United States, Britain, and other allies imposed extensive sanctions against Russia. The restrictions affected the financial sector, including disconnecting several Russian banks from the SWIFT system, freezing the Russian Central Bank’s foreign assets, and banning investments in key sectors of the economy.

According to European Commission President Ursula von der Leyen, the EU recently agreed on the 17th package of sanctions against Russia.