Europe

The EU is planning a gradual oil ban on Russia, targeting more banks

On Wednesday, the chief of the European Union proposed a gradual oil embargo on Russia over the war in Ukraine to deepen the isolation of Moscow, sanctioned Russia’s top banks, and made Russian broadcasters Europe. It was banned from the radio waves of.

This plan, if agreed by the EU government, would be the world’s largest trade zone watershed, relying on Russia’s energy and having to find alternative supplies.

But the horrifying image of Russia’s invasion of Ukraine by land, sea and air on February 24, a new Russian attack in eastern Ukraine, and the slaughter in Ukrainian towns offers the toughest sanctions ever. Overcame resistance to things.

“Today we propose to ban all Russian oil from Europe.”

The European Commission President Ursula von der Leyen told the European Parliament in Strasbourg.

“This will be a complete import ban on all Russia,” she applauded at the Chamber of Commerce.

The Commission’s actions include a phasing out of Russia’s crude oil supply within six months and a phasing out of refined products by the end of 2022, Von der Leyen said. .. She promised to minimize the impact on the European economy.

Brent crude oil prices rose 2% around 0900 CET to $ 107,11, up 37.5% from the beginning of the year.

“We are working on Russia’s dependence on oil. And let’s be clear. It’s not easy because some member countries are heavily dependent on Russia’s oil, but we Just have to do that, “she said.

“”[Russian President Vladimir] Putin has to pay a high price for his brutal attack, “she said.

In addition to oil, the latest sanctions will hit Russia’s top lender Sberbank and three other banks and will be added to some banks that have already been excluded from the SWIFT messaging system.

“We de-SWIFT Sberbank, Russia’s largest bank, SWIFT Sberbank, and two other major banks, thereby systematically important to Russia’s financial system and its ability to destroy Putin. I struck a bank, “said von der Leyen.

“This will completely isolate Russia’s financial sector from the global system,” she said.

Von der Leyen said Russian officials would face EU asset freezes and travel bans without a name. “You haven’t run away with this,” she said, referring to the Kremlin.

The Commission’s proposal must go to 27 Member States for approval. Diplomats said Hungary and Slovakia are so dependent on Russia’s energy that they are likely to be given a longer period to stop oil imports.

Bruegel’s think tank Simone Tagliapietra said the EU’s gradual embargo on Russian oil is a “dangerous bet.”

“In the short term, while it could increase Russia’s profits, it could have a negative impact on the EU and the global economy in terms of rising prices,” he said. “Don’t talk about the risk of retaliation for natural gas supplies.” [Reuters]

https://www.ekathimerini.com/economy/1183541/eu-plans-phased-oil-ban-on-russia-also-targeting-more-banks/ The EU is planning a gradual oil ban on Russia, targeting more banks

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