Russia-Ukraine War: EU To Ban Russia’s Oil
Category: World News
The European Union has declared its plans to ban trading with Russian oil by
the end of the year. This is part of its sixth package of sanctions rolled out
against Moscow for its three month military assault in Ukraine.
Ursula von der Leyen, president of the European Commission, notified the European Parliament that EU member states should move to phase out imports of crude oil within six months, and refined products by the end of 2022.
“Finally, we now propose a ban on Russian oil. Let´s be clear: it will not be easy. But we simply have to work on it. We will make sure that we phase out Russian oil in an orderly fashion. To maximize pressure on Russia, while minimizing the impact on our economies,” Ms von der Leyen said in a tweet.
Oil prices rose after the announcement. Brent crude was up more than 3.7 per cent for the day.
Florian Thaler, chief executive of OilX, an energy research firm, told the New York Times that Russia’s oil sales to Europe were worth $310 million a day.
Yahoo Finance, citing sources familiar with the matter, reported that countries like Hungary and Slovakia, highly dependent on Russia’s oil, would be given until the end of 2023 to enforce the sanctions.
Other sanctions in the new package against Moscow include naming Russian officials responsible for the war crimes committed in Bucha and Mariupol, shutting out Russia’s largest bank, Sberbank, from the SWIFT international banking payment system, a ban on three Russian state broadcasters and sanctioning the head of the Russian Orthodox Church, Patriarch Kirill.
Sberbank Europe, whose majority shareholder is Russia, has begun winding down operations in Europe by selling its assets.
Ursula von der Leyen, president of the European Commission, notified the European Parliament that EU member states should move to phase out imports of crude oil within six months, and refined products by the end of 2022.
“Finally, we now propose a ban on Russian oil. Let´s be clear: it will not be easy. But we simply have to work on it. We will make sure that we phase out Russian oil in an orderly fashion. To maximize pressure on Russia, while minimizing the impact on our economies,” Ms von der Leyen said in a tweet.
Oil prices rose after the announcement. Brent crude was up more than 3.7 per cent for the day.
Florian Thaler, chief executive of OilX, an energy research firm, told the New York Times that Russia’s oil sales to Europe were worth $310 million a day.
Yahoo Finance, citing sources familiar with the matter, reported that countries like Hungary and Slovakia, highly dependent on Russia’s oil, would be given until the end of 2023 to enforce the sanctions.
Other sanctions in the new package against Moscow include naming Russian officials responsible for the war crimes committed in Bucha and Mariupol, shutting out Russia’s largest bank, Sberbank, from the SWIFT international banking payment system, a ban on three Russian state broadcasters and sanctioning the head of the Russian Orthodox Church, Patriarch Kirill.
Sberbank Europe, whose majority shareholder is Russia, has begun winding down operations in Europe by selling its assets.
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