If approved, the ban on oil imports would be the second package of EU sanctions targeting Russia’s lucrative energy industry since the country invaded Ukraine.
The European Union’s top official on Wednesday called on the 27-nation bloc to ban and target the country’s biggest bank and major broadcasters in a sixth package of sanctions over the war in. European Commission President Ursula von der Leyen, addressing the European Parliament in Strasbourg, France, proposed having EU member nations phase out imports of crude oil within six months and refined products by the end of the year. “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,” von der Leyen said. The proposals must be unanimously approved to take effect and are likely to be the subject of fierce debate. Von der Leyen conceded that getting all 27 member countries – some of them landlocked and highly dependent on Russia for energy supplies – to agree on oil sanctions “will not be easy.” The EU gets about 25% of its oil from Russia, most of which goes toward gasoline and diesel for vehicles. Russia supplies about 14% of diesel, S&P Global analysts said, and a cutoff could send already high prices for truck and tractor fuel towering. If approved, the ban on oil imports would be the second package of EU sanctions targeting Russia’s lucrative energy industry since the country invaded Ukraine on Feb.24. In addition to sanctions on various entities and individuals, including Russian President Vladimir Putin and members of his family, the EU previously approved an embargo on coal imports.
