Europe

EU proposes to ban Russia’s oil by the end of the year

EU proposes to ban Russia’s oil by the end of the year

Sanctions

Today 09:16

The EU is also proposing to separate Sberbank and other lenders from the International Interbank Communications Association, von der Leyen said.

The EU is also proposing to separate Sberbank and other lenders from the International Interbank Communications Association, von der Leyen said.

Ursula von der Leyen, President of the European Commission, approved to start the process on Wednesday

Photo provider: AFP

European Commission President Ursula von der Leyen said the European Union has proposed a ban on Russian crude oil and refined fuels by the end of the year for the next six months.

“This will result in a complete import ban on all oil, sea shipping, pipelines, crude oil and refining in Russia,” she said in a statement to the European Parliament. “We ensure that Russia’s oil is phased out in an orderly manner so that we and our partners can secure alternative supply routes and minimize their impact on the global market. increase.”

Hungary and Slovakia, which were opposed to Russia’s rapid cutoff of oil, will be given a longer period (until the end of 2023) to enforce sanctions, people familiar with the matter say.

The EU is also proposing to separate Sberbank and other lenders from the International Interbank Communications Association, von der Leyen said.

The 27 EU member states will meet on Wednesday to discuss and in some cases approve the proposal. This is the sixth sanction for the block targeting Russia.

The move will dramatically increase relations with Moscow as the EU, the largest consumer of crude oil and fuel from Russia, is trying to put pressure on President Vladimir Putin over the war in Ukraine. In 2019, almost two-thirds of Brock’s crude oil imports came from Russia.

Von der Leyen also banned three Russian state broadcasters from EU radio waves and proposed sanctions against senior officials and other individuals committing war crimes in Bucha and “siege Mariupol”.

The package also includes a ban on the services of “accountants, consultants and spin doctors from Europe” to Russian companies, Von der Leyen said.

© 2022 Bloomberg LP


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http://www.luxtimes.lu/en/european-union/eu-proposes-banning-russian-oil-by-the-end-of-the-year-6272285fde135b9236526939 EU proposes to ban Russia’s oil by the end of the year

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