EU unveils plan to ban Russian oil altogether

In a speech on Wednesday (4), the President of the European Commission, Ursula von der Leyen, presented the European Union’s plan to completely ban the import of Russian oil.

“It won’t be easy, but we have to work on it,” von der Leyen said. “We will ensure the phasing out of Russian oil in an orderly manner, maximizing pressure on Russia, minimizing the impact on our economies,” he said.

According to her, all Russian crude oil imports will end in six months, while those involving refined products will end by the end of 2022. The measure needs to be approved by all 27 countries in the bloc.

A source heard by Reuters said that Hungary and Slovakia will be able to continue buying Russian oil until the end of 2023, due to their current greater dependence on the two nations.

The proposal forms part of the sixth package of EU sanctions against Russia in response to the invasion of Ukraine by Russian forces. According to von der Leyen, the countries of the Union will work in the coming days to close the agreement with the new measures.

In addition to the Russian oil embargo, the Commission president also proposed new sanctions against high-ranking Russian military personnel and individuals involved in the events in Bucha, where dozens of bodies were found and raised suspicions of Russian war crimes.

“We know who you are. And you will be held accountable,” von der Leyen said.

She also presented a proposal to withdraw Sberbank, Russia’s largest bank, from the SWIFT system, the international payment system.

Finally, the President of the Commission plans to ban three major Russian state broadcasters from the EU’s radio system. “They aggressively amplify Putin’s lies and propaganda,” von der Leyen said.