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Ukraine war


G-7 RESISTS GOING AFTER $1BN-A-DAY RUSSIAN ENERGY REVENUE

Despite civilian killings, West and Japan avoid painful cuts


The Nord Stream 2 gas pipeline in Lubmin, Germany. Its certification was
suspended during the run-up to Russia's invasion of Ukraine.    © Reuters
YASUO TAKEUCHI, Nikkei staff writerApril 8, 2022 01:48 JST | Europe
CopyCopied


BRUSSELS -- Western allies and Japan agreed to amplify the economic sanctions
against Moscow on Thursday following alleged war crimes committed in Ukraine,
but the added measures are unlikely to cut Russia's oil and gas revenue totaling
at least $1.1 billion a day. 

Foreign ministers from NATO and Group of Seven nations met here, with Ukrainian
Foreign Minister Dmytro Kulebadid making a case for more action against Moscow.
The top diplomats did not mince words when they condemned the alleged targeting
of civilians by Russian troops in Bucha and elsewhere in Ukraine.

"The G-7 will sustain and increase pressure on Russia by imposing coordinated
additional restrictive measures to effectively thwart Russian abilities to
continue the aggression against Ukraine," the ministers said in a statement.



Before the G-7 gathering, U.K. Foreign Secretary Liz Truss said that together
with allies "we are keeping the pressure up with more sanctions, weapons and
ending imports of Russian energy."

Western nations and Japan are imposing massive financial sanctions that target
high-ranking officials in the Russian government, including President Vladimir
Putin, along with their family members. Russian oligarchs have seen their assets
frozen as well.

But a gaping hole in the sanctions has left Russia's energy sector unscathed.
Although the U.S. and the U.K. have banned imports of Russian oil, Western
Europe has yet to decide on a wholesale suspension of imports of Russia's
petroleum and natural gas.

Taxes from oil and gas make up roughly 40% of Russia's government revenue,
according to the International Energy Agency. The country makes roughly $700
million a day in export income from crude oil and petroleum products, based on
present market prices. Gas sold to Europe via pipelines generates another $400
million.



The vast income from energy resources has enabled Moscow to spend heavily on
its military to keep the Ukraine war going. The U.S. announced Wednesday
sanctions on Sberbank, Russia's largest bank, but those penalties make
exceptions for energy trades.

Russia's Gazprombank, which specializes in transactions in the energy sector,
lies outside the scope of sanctions levied by several nations. Japan said it
will not exit oil and gas projects in Russia's Sakhalin region.

In the EU, which depends on Russia for 40% of its gas supply, proposals to
broaden sanctions beyond coal to oil and gas have met strong resistance over
concerns about surging energy prices and supply instability harming the public.

"You have to stay cool when it comes to sanctions. If the sanctions hit you more
than the other one, I think that's not the right way to go," Austrian Finance
Minister Magnus Brunner told reporters Monday.

Prime Minister Viktor Orban, of Hungary -- an EU and NATO member with strong
ties to Russia -- said Wednesday that the country is prepared to meet Moscow's
demands to pay for gas in rubles, running counter to the EU and G-7's refusal.

An embargo on energy imports from Russia, a step urged by some observers, "would
also do significant damage to the side imposing the sanctions, since this is
expected to last for some time," said Tatsuhiko Yoshizaki, a chief economist at
the Tokyo-based Sojitz Research Institute.

"There's no economic measure that would make it impossible for Russia to keep
carrying on the war," he said.









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