France, Italy FMs discuss tightening sanctions against Russia

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French Foreign Minister Jean-Yves Le Drian held Tuesday a telephone conversation with his Italian counterpart, Luigi Di Maio, during which they discussed the increasing pressure on Moscow, a French Foreign Ministry spokesperson said on Wednesday.

The two ministers focused mainly on sanctioning the Russian energy sector, the spokesperson noted.

"The ministers discussed the ongoing close French-Italian coordination in support of Ukraine ... They discussed options for tightening sanctions against Russia, particularly in the energy sector,” the spokesperson told a briefing.

The spokesperson mentioned that other topics discussed by the ministers included the situation in Libya and Mali.

Eni preparing to open ruble accounts in Gazprombank

Nevertheless, Italian oil and gas group Eni is preparing to open ruble accounts in Gazprombank to pay for Russian gas, Bloomberg reported citing sources.

Eni is still awaiting instructions from the Italian government and EU authorities regarding the conditions and the possibility of using such accounts, Bloomberg noted.

Russia had notified the West that it needed them to pay for gas deliveries in rubles, with Kremlin spokesperson Dmitry Peskov saying his country would not deliver gas to Europe for free, in a reiteration of President Vladimir Putin's that Russia would not accept anything but rubles for gas deliveries to "unfriendly countries."

EU planning 6th sanctions package on Russia

The EU Commission's Executive Vice-President and Commissioner for Trade Valdis Dombrovskis said on Monday that the European Union is preparing the 6th package of sanctions against Russia.

This sanctions package will include an oil embargo on Moscow, in response to the war in Ukraine, and will be designed in a way so as to minimize collateral damage to Europe.

So far, it seems the details have not been agreed upon, according to Dombrovskis, but he noted that the EU may begin phasing out Russian oil, or may impose export tariffs above a certain price cap.

According to the EU Commission, EU energy imports from Russia amounted to 45% of gas, 27% of crude oil, and 46% of coal.

According to the Financial Times, Russia ships about 5 million barrels per day of crude oil, about half of which goes to Europe, with energy exports accounting for more than $235 billion in 2021.