EU to cut Russian oil import by the end of this year

Ursula von der Leyen, President of the European Union (EU) Commission, announced the details of the sixth package of sanctions planned to be implemented against Russia in the European Parliament today. Noting that high-ranking Russian soldiers who committed war crimes in Bucha and Mariupol will be targeted, von der Leyen said, “We know who you are, you cannot escape from this.” Von der Leyen stated that Sberbank, the largest bank in Russia, will be removed from the SWIFT system, and announced that a broadcast ban will be imposed on 3 major Russian state-owned television channels.

Stating that the purchase of crude oil from Russia will be phased out within 6 months and the purchase of processed petroleum products will be phased out by the end of the year, von der Leyen noted that alternative supply routes of the EU and its partners will be secured. Stating that the effects of the embargo on the global market will be minimized, the President of the EU Commission said, “In this way, while maximizing the pressure on Russia, we are also minimizing the damage on ourselves and our partners. We have to make sure our economy stays strong,” she said.

Using the phrase “We want Ukraine to win this war”, von der Leyen said that the production in Ukraine will fall by 35-50 percent in 2022 and that 5 billion euros per month is needed to continue production, and that the EU will do its part in this regard.

On the other hand, Hungary and Slovakia oppose stopping oil purchases from Russia. Slovakia and Hungary, the two most dependent countries on Russian oil, are expected to be given longer time to find alternative sources.

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