The European Union proposes a gradual embargo on Russian oil in the wake of sanctions against Moscow

The European Commission (EU), the EU’s governing body, on Wednesday imposed new sanctions on the Kremlin, including a six – month ban on Russian crude imports.

Occupation of Ukraine without Russian incitement, And evidence of war crimes, has pushed the EU to take bold action on energy sanctions. But imposing measures that could reduce or completely reduce Russia’s energy supplies to the EU remains a complex task for the camp.

This is because the region relies on Russia for many energy sources, including oil. By 2020, Russian oil imports account for about 25% of the camp’s crude purchases. Regional Statistics Office.

“Let it be clear: this is not easy,” European Commission President Ursula van der Leyen said in a speech to the European Parliament on Wednesday.

“Some member states are strongly dependent on Russian oil, but we must work on it. Now we propose a ban on Russian oil.

Exceptions

The embargo was a hotly debated topic within the EU, but the move gained momentum after Germany backed the idea. Two EU countries – Both Slovakia and Hungary are highly dependent on Russian power – demanding exemptions.

Von der Leyen chose not to give any details of the exceptions during his speech, but three EU officials, who did not want to be named because of the sensitivity of the issue, confirmed to CNBC that the commission’s proposal included this flexibility – Slovakia’s long expulsion of Hungary and Russian oil.

Two anonymous officials said the two countries would have until the end of 2023 to suspend Russian oil imports.

Speaking on Wednesday, Van der Leyen explained that for most EU countries, a six-month period would give them time to adjust to commodity markets.

“We are increasing pressure on Russia, while at the same time reducing joint damage to ourselves and our allies around the world, because to help Ukraine, our own economy must be strong,” he added.

The war in Ukraine has brought new economic concerns to the EU. It started positively this year, two years after dealing with the corona virus infection, but it ended abruptly as the conflict escalated in Ukraine.

Oil binds Ban on Russian coal That was announced last month. It also raises the possibility of a ban on Russian natural gas.

Natural gas is the most important source of energy for the EU from Russia, accounting for 40% of all group imports. Stopping it overnight can have huge economic consequences.

Sberbank allowed

The proposal for an oil embargo on Wednesday marks the sixth round of EU sanctions on Russia. This package also includes the removal of Sberbank from the international payment system Swift.

“We are Swift Sberbank – Russia’s largest bank, and the two largest, by far.

In addition, the commission wants to ban three Russian state-owned broadcasters from European airwaves, as well as allow high-ranking Russian military officials and other individuals who have been implicated in war crimes in Pucha and the besieged city of Mariupol.

See also  Nebraska Dean and Mother Face Charges of Accessing Their Facebook Messages in Abortion-Related Case

Leave a Reply

Your email address will not be published.