Finland and Sweden have proposed new, tougher economic sanctions against Russia, according to Finnish Foreign Affairs Minister Elina Valtonen (NCP).
"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," Valtonen told reporters at a press conference during the annual Rikskonferensen security conference in Sälen, Sweden on Monday.
Valtonen said that Finland and Sweden have proposed increasing customs duties on all products and services imported from Russia. The countries have also proposed new export restrictions to Russia, for example on luxury items.
According to Swedish Foreign Minister Maria Malmer Stenergard, Russia would be unable to continue its war in Ukraine without its energy production income.
"We are therefore proposing a complete ban on ships transporting oil, gas or coal from Russian ports from EU ports," Stenergard said at a joint press conference with Valtonen.
A €1.4bn dent
Stenergard noted that an EU ban on fertiliser imports from Russia could cause a 1.4-billion-euro dent in the Russian economy. She said the aim is to include the new sanctions in the EU's next package of 20 sanctions on Russia.
Both foreign ministers said that the EU must reduce its dependence on Russia, suggesting that Russian fertilisers could be replaced through domestic production and by, for example, increasing imports from Canada.
One of the main topics of discussion at Sweden's most important security conference was the situation in Greenland. US President Donald Trump has reiterated his threat to take Greenland from Nato ally Denmark.
On Friday, Finnish Prime Minister Petteri Orpo (NCP) said that a US military takeover of Greenland would be "catastrophic".
On Monday, Valtonen told members of the Finnish media that suggestions that Greenland was about to be lost to Russia or China were unfounded.
"However, it is clear that more investment is needed in the security of the Arctic region now and in the future," Valtonen said.
The Nordic ministers also expressed concern about the widespread demonstrations and violence in Iran.
"Finland always stands on the side of citizens' freedom," Valtonen said.
Monday was the second day of the three-day security conference, with Valtonen featuring as one of the keynote speakers.
The annual meeting brings together top politicians, experts and international participants to discuss security policy issues.
During her time in Sweden, Valtonen is also scheduled to meet with King Carl XVI Gustaf and Crown Princess Victoria, according to a ministry press release.
