Le Pen Warns EU’s Russia Sanctions Fraught With ‘Cataclysmic Consequences’ For Purchasing Power

The EU announced an agreement to ban Russian maritime oil imports due to Moscow’s ongoing special military operation in Ukraine. The ban, which left pipeline-supplied oil exempt, is part of the 27-member bloc’s sixth sanctions package targeting Russia.

Marine Le Pen has warned that the sixth package of sanctions against Russia approved by EU heads of state and government on Monday may have "cataclysmic consequences” for her country.

The former president of the National Rally party also accused the French government of "lying" to the population about the true economic situation in the country.

"The decision will have cataclysmic consequences for the purchasing power of the French people, it will obviously contribute to aggravating the price of oil, gas and electricity", Le Pen said on France 2 television.

The ex-presidential candidate, who lost to Emmanuel Macron on 24 April, reiterated that Brussels’ decision to impose sanctions against the Russian oil sector before coordinating additional energy supplies with other countries “sacrifices the purchasing power of the French”. “There are families who cannot make their ends meet before the end of the month", added Le Pen.

The French politician pointed out that Moscow would be selling oil to other countries despite the proposed punitive measures.

“Others will buy it, it's as simple as that”, said Marin Le Pen.

The member of the National Assembly for Pas-de-Calais' 11th constituency also weighed in on the economic situation in France, slamming the government and Minister of the Economy, Finance and Recovery, Bruno Le Maire, for statements made, emphasising, “they have already lied in the past".

On Friday, Marine Le Pen met with Hungary’s Prime Minister Viktor Orban in Paris to discuss threats that Europe currently faces, such as the war in Ukraine and its economic fallout, according to a statement by the PM’s press office. Talks also focused on inflation and the European Union’s “flawed and dangerous sanctions policy”, the statement said.

After weeks of differences, the leaders of the EU countries finally hammered out the details of a sixth anti-Russia sanctions package on 30 May. The latest round of punitive measures covers over two-thirds of Russian oil imports of the 27-member bloc. Pipeline oil imports are exempt from the partial embargo presupposed in the deal, which only covers Russian oil imported by sea.

European Council President Charles Michel proclaimed that, by the end of the year, around “90% of the Russian oil imported in Europe will be banned”.

Oil restrictions will come into effect six months after the imposition of the sanctions, while the import of Russian oil products will be banned after eight months.

Russia supplies the EU with 40 percent of its natural gas, and 25 percent of the bloc's oil.

The EU has already rolled out five sanctions packages and the European Commission revealed plans to impose a blanket ban on Russian oil several weeks ago. However, several European countries, including Hungary, adamantly blocked its adoption amid concerns about the fallout for their economies and energy security.

Thus, the bloc decided against banning deliveries through the Druzhba (Friendship) pipeline.

Hungarian Prime Minister Viktor Orban made clear that his country reserves the right to procure Russian oil from "other sources" in the event that "something happens to the pipeline carrying Russian oil".

Hungary receives over 60% of its crude oil from the Soviet-era Druzhba pipeline.

French President Emmanuel Macron hailed the importance of the sixth package on Tuesday.

"… It provides for sanctions against about 80 oligarchs, as well as three TV channels. In addition, it will allow the first Russian bank to be disconnected from the SWIFT system and, for the first time, to introduce an oil embargo", Macron told a press conference, referring to Sberbank.

Russia’s largest bank said on 31 May that its international transactions were resilient against the disconnection from the SWIFT global payment system as all operations are functioning as normal.

As the US and its allies have been doubling down on sanctions targeting ever more sectors of Russia's economy over Moscow's special operation to demilitarise and de-Nazify Ukraine, the fallout has already hit supply chains and disrupted deliveries of raw materials. Furthermore, the US' Russia energy ban and the EU's pledge to wean itself off supplies of hydrocarbons from Russia have resulted in skyrocketing oil and gas prices.