EU proposes to ban Russian oil by the end of the year


The European Union has proposed to ban Russian crude oil in the next six months and refined fuels by the end of the year, European Commission President Ursula von der Leyen said.

This will be a total import ban on all Russian oil, sea and pipeline, crude and refined,” she said in a speech to the European Parliament.

“We will ensure that we phase out Russian oil in an orderly manner so that we and our partners can secure alternative supply routes and minimize the impact on global markets.”

The EU is also proposing to exclude Sberbank and other lenders from the international SWIFT payment system, von der Leyen said.

The 27 member states of the EU will meet on Wednesday to discuss – and possibly approve – the proposal. This would be the bloc’s sixth package of sanctions against Russia.

Hungary and Slovakia, which have opposed a swift Russian oil shutdown, will be given a longer timeframe — until the end of 2023 — to cut off Russian oil, according to people familiar with the matter.

The move dramatically raises the stakes on Moscow as the EU, the largest single consumer of crude oil and fuel from Russia, seeks to pressure President Vladimir Putin over his war in Ukraine. In 2019, almost two-thirds of the bloc’s crude oil imports came from Russia. EU proposes to ban Russian oil by the end of the year

Fry Electronics Team

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