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European Union

EU Leader Calls for Oil Import Ban from Russia

Strategic Insights

— 1 min read

European Commission President Ursula von der Leyen has called on the 27-nation European Union to ban oil imports from Russia in a sixth package of sanctions targeting Moscow for its war in Ukraine. The proposal, which aims to phase out oil imports within six months and refined products by the end of the year, must be unanimously approved by EU member countries. The plan also includes disconnecting Russia's largest bank, Sberbank, and two other major banks from the Swift international banking payment system, as well as cutting off three big state-owned Russian broadcasters from the EU.

Key Takeaways:

  • The European Commission has proposed a sixth package of sanctions against Russia, including a ban on oil imports from Russia.
  • The proposal aims to phase out crude oil imports within six months and refined products by the end of the year.
  • The plan would require all 27 EU member countries to agree unanimously in order to take effect.
  • Hungary and Slovakia are likely to be exempt from the phase-out plan due to their reliance on Russian oil.
  • The European Union's largest bank, Sberbank, and two other major banks would be disconnected from the Swift international banking payment system.
  • Three big state-owned Russian broadcasters would be cut off from the EU on cable, satellite, or the internet.

Statistics:

  • The European Union consists of 27 member countries.
  • The proposed ban on oil imports from Russia aims to phase out crude oil within six months.
  • The plan would phase out refined products by the end of the year.
  • Hungary and Slovakia are likely to be exempt from the phase-out plan due to their reliance on Russian oil.
  • 3 big state-owned Russian broadcasters would be cut off from the EU.

Sources:

  • "Ukraine-Russia: European Union cannot agree on Russian oil embargo as new death toll figure revealed." The Scotsman, March 8th, 2022
  • "What is SWIFT? Why does Russia need it and will SWIFT be used in sanctions?" The Scotsman, March 2022
  • "Kherson: Russia planning to annex new areas of Ukraine including Donetsk and Luhansk regions." The Scotsman, March 2022

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