Brussels proposes total ban on Russian oil imports by the end of the year
European Commission President Ursula von der Leyen has called on European Union nations to agree on a complete ban on Russian oil imports by the end of the year.
Von der Leyen made the proposal to the European Parliament on Wednesday as part of an additional package of sanctions against Russia over its invasion of Ukraine.
“Let us be clear: it will not be easy. Some member states are strongly dependent on Russian oil. But we simply have to work on it,” said von der Leyen while speaking before the European Parliament on Wednesday morning.
Von der Leyen’s announcement follows days of intense behind-the-scenes diplomacy between the executive and representatives of member states, some of whom remain uneasy about the backlash the measure is expected to trigger against the European economy.
She acknowledged that stopping the imports will not be easy, noting that some EU member states are strongly dependent on Russian oil. But she stressed, “We simply have to work on it.”
She said, “We will make sure that we phase out Russian oil in an orderly fashion, in a way that allows us and our partners to secure alternative supply routes and minimizes the impact on global markets.”
The embargo will be structured and gradual, giving member states up to six months to phase out purchases of Russian crude and until the end of the year to stop buying all sorts of refined oil products.
The ban will apply to all Russian oil traded both via ports and pipelines.
“We maximise pressure on Russia, while at the same time minimising collateral damage to us and our partners around the globe. Because to help Ukraine, our own economy has to remain strong.”
An agreement by all EU member nations is necessary to impose the sanctions. Detailed negotiations may still be needed to reach an agreement because of differences among the nations. Hungary has voiced opposition to banning imports of Russian oil and natural gas.
Von der Leyen also proposed blocking Sberbank, Russia’s largest bank, from the SWIFT global payment network.
