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• An EU meeting in Brussels will discuss the imposition of energy sanctions on Russia
•This comes after Russia attacked Ukraine's Zaporizhzhia nuclear reactor on Friday
Russia's relentless war on Ukraine isn't seeing any signs of dying down, prompting the European Union to levy the next round of sanctions on Russia's energy sector.
CNBC reported that EU foreign affairs ministers would be meeting in Brussels on Friday to discuss the imposition of energy sanctions on Russia.
With the latest attack on Europe's largest nuclear power facility, the European continent accused Russia of putting a whole continent's safety in jeopardy.
In the early hours of Friday morning, Russian soldiers attacked the eastern city of Enerhodar and bombarded its Zaporizhzhia nuclear reactor. The attack caused a fire, which was quickly extinguished by Ukrainian emergency personnel.
The CNBC report mentioned that representatives of Ukraine, the US, Canada, and the UK would also take part in the discussions.
On Thursday, the EU's energy policy chief said that, despite not targeting Russian oil and gas exports directly, the current sanctions imposed by the EU have gradually hit Moscow's income from oil.
Russia's oil and gas sales accounted for 36% of the country's total budget last year, far exceeding initial forecasts as a result of skyrocketing prices.
Russia is a crucial source of energy for the European Union. The CNBC report mentioned that the EU imported around 45% of gas from Russia in 2021.
In 2020, Russian oil imports accounted for about 25% of the bloc's oil purchases, according to the region's statistics office.
The EU could cope with a partial disruption to Russia flows this winter, as it has increased liquefied natural gas imports and gas storage. Still, a complete or prolonged halt to Russian supply would require emergency measures to cut demand, such as factory closures, Reuters reported.
(Inputs from CNBC)
Picture Credits: Business Today