LAST UPDATE 11:19
European Union countries will stop importing Russian oil and refined products, the head of the Commission announced, proposing a new, sixth package of sanctions against Russia for its invasion of Ukraine.
“We will gradually phase out the supply of Russian crude oil within six months and refined products by the end of the year,” said Ursula von der Leyen, to the applause of MEPs.
“This will be a complete ban on imports of Russian crude and refined oil. It will not be easy. Some Member States are heavily dependent on Russian oil. But we have to work for that,” von der Leyen said of the proposal. which requires approval from all 27 EU countries to enter into force.
It is noteworthy that the head of the Commission does not mention any exceptions to the plan to impose an embargo on Russian oil.
The European Union will ban three Russian state broadcasters as part of the sixth package of sanctions, the commission president added.
“They will no longer be allowed to distribute their content in the European Union, in any format or form, whether via satellite, the Internet or smartphone applications,” said President Ursula von der Leyen.
He described the TV channels as “rhetoric that aggressively reinforces Putin’s lies and propaganda”.
“We should not give them another step to spread these lies,” he added.
The commission also proposed launching a recovery package for Ukraine to help it rebuild after the end of the war in Russia.
“This package should bring huge investments to meet the needs and necessary reforms,” he said.
“It will pave the way for Ukraine’s future within the European Union,” von der Leyen said.
What is provided for Hungary and Slovakia
Hungary and Slovakia will be able to continue buying Russian crude oil until the end of 2023, under existing contracts, an EU source told Reuters, taking advantage of some exceptions.
According to the source, in an effort to persuade reluctant countries not to veto the proposal, Brussels has proposed a longer period for the implementation of the embargo, for Hungary and Slovakia.
The Commission proposes sanctions for three major Russian banks
Reuters sources say that the Commission has proposed sanctions against the Russian banks Credit Bank of Moscow and the Russian Agricultural Bank.
Earlier, von der Layen had stated that sanctions would also be imposed on Sberbank. EU governments will have to support this proposal in order for it to be approved.
Source: Capital
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