Finland, Sweden propose tougher economic sanctions on Russia

Finland and Sweden have proposed new and stricter economic sanctions against Russia, including broader import duties and export restrictions.

Finnish public broadcaster YLE reported that the proposals were outlined by the two countries' foreign ministers during a joint appearance at a security conference in Sweden on Monday.

"We believe that the Russian threat is a long-term one. That means we need to keep up the pressure regardless of a possible ceasefire or peace agreement," Finnish Foreign Minister Elina Valtonen told reporters in Salen.

According to her, Finland and Sweden have proposed increasing customs duties on all products and services imported from Russia, as well as introducing new export restrictions, including on luxury items.

Swedish Foreign Minister Maria Malmer Stenergard said Russia's ability to continue the war in Ukraine depends heavily on its energy revenues. "We are therefore proposing a complete ban on ships transporting oil, gas or coal from Russian ports to EU ports," she said.

According to Stenergard, an EU ban on fertilizer imports from Russia could cause a "€1.4 billion dent (over $1.6 billion)" in the Russian economy and said the aim is to include the proposals in the EU's next sanctions package.

Both ministers stressed, according to the YLE, the need for the EU to reduce its dependence on Russia, suggesting that Russian fertilizers could be replaced through domestic production and increased imports from other countries.

The remarks came during the three-day Rikskonferensen security conference, which brings together political leaders, experts and international participants to discuss security policy issues.