There Are ‘No Taboos’ on Russia Sanctions, EU’s Vestager Insists

(Bloomberg) -- A top European Union official said the bloc should keep ramping up sanctions on Russia, as some nations in the 27-nation bloc complain President Vladimir Putin's regime isn't being hit hard enough after the invasion of Ukraine.

“Sanctions must increase over time,” European Commission Executive Vice-President Margrethe Vestager said in an interview with Bloomberg Television's “Balance of Power With David Westin.” 

“Everything is on the table, there are no taboos,” she said, adding that the situation in Ukraine was “really disturbing” at a level she “never expected to experience” in Europe.

Vestager's comments came just before the EU agreed to ban coal imports from Russia in its first move targeting Moscow's crucial energy revenue after reports of Russian atrocities in Ukraine propelled officials to expand a fifth round of sanctions. 

EU Backs Russian Coal Ban in First Punch at Energy Revenue

EU nations had sparred over the length of the phase-in period for the coal ban, as well as a growing list of exemptions to proposed trade bans before agreeing to the overall package, according to people familiar with the matter.

Asked whether Russia's Gazprom PJSC was partly to blame for a spike in natural gas prices, Vestager, who heads the EU's antitrust arm, said “there may be a competition case” but “we haven't concluded that yet.” 

Gazprom in 2018 agreed on a settlement with the EU with binding pledges that allowed the gas giant to shake off a seven-year-old antitrust investigation played out amid growing political tensions with Russia.

Vestager said that so far the company had lived up to its promises intended to enable the free flow of gas at competitive prices in Central and Eastern Europe.

In a bid to mitigate the economic turmoil of Russia's invasion, Vestager has overseen a loosening of state-aid controls to help EU companies in trouble.

But she also warned that she “is looking out” for “people who just want to make a fortune on a war situation and other people's misery.”

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