Finland has proposed to impose duties on all Russian imports to the European Union.

Source: Bloomberg, citing Finnish Foreign Minister Elina Valtonen

Details: The duties will operate in parallel with anti-Russian sanctions, Valtonen told reporters during an informal meeting of EU foreign ministers in Warsaw.

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“If in the future some of the sanctions lose their effectiveness, or whatever happens, we would still have this tariff,” Bloomberg quotes her as saying.

Bloomberg reports that the proposal is a response to a potential new clash with Hungary over the extension of tariffs introduced after Russia’s full-scale invasion of Ukraine.

Trade measures such as duties offer a workaround as they require only a qualified majority to be approved.

Background:

  • Earlier, Valtonen stated that the proceeds generated by frozen Russian assets should be used to arm Ukraine.

  • She believes the EU and the US could implement this idea jointly. The G7 and the EU have frozen around €300 billion in Russian assets, which are expected to yield approximately €3 billion in annual returns.

  • “These funds could be used to purchase weapons, supply defence equipment and, in the long term, to rebuild Ukraine,” Valtonen said.

  • European Commission President Ursula von der Leyen stated that the EU would not allow a return to dependence on Russian gas and oil.

  • “Some are still saying that we should re-open the tap of Russian gas and oil,” she said. “This would be a mistake of historic dimensions. And we would never let it happen. Dependency on Russia is not only bad for our security, but also for our economy. Our energy prices cannot be dictated by a hostile neighbour.”

  • A new, 17th package of EU sanctions against Russia will be prepared for the EU Foreign Affairs Council meeting in May 2025, EU High Representative for Foreign Affairs and Security Policy Kaja Kallas has said. All proposals for the sanctions package will be gathered ahead of the meeting.

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