EU proposes Russian oil ban, new sanctions so Putin pays ‘high price’ for Ukraine war – National
The CEO of the European Union on Wednesday proposed a phased oil embargo on Russiasanctions on its top bank and a ban on Russian broadcasters from broadcasting European broadcasters in the toughest yet punishing of Moscow for the war in Ukraine.
A sixth round of EU sanctions, if agreed to by member states, would be a turning point for the world’s largest trading bloc, which is dependent on Russian oil and gas and must find alternative sources of supply as energy prices rise. volume is skyrocketing.
Reluctance to introduce sanctions will hurt EU The economies as well as Moscow have faded in recent weeks as Russia invades Ukraine brought horrifying images of carnage in towns and fears of a new attack in the east of the country.
Reflecting widespread Western anger over Russian President Vladimir Putin’s campaign – which Moscow says is a “special military operation” aimed at defeating dangerous nationalists – the head The EU executive said Moscow faced consequences.
European Commission President Ursula von der Leyen told the European Parliament in Strasbourg: “Putin has to pay a heavy price, a very heavy price, for his brutal act of aggression.
“Today, we will propose banning all Russian oil from Europe,” she said to applause in the auditorium.
The Commission’s measures include phasing out Russian supplies of crude oil over six months and refined products by the end of 2022. Von der Leyen is committed to minimizing the impact on European economies.
The price of Brent crude LCOc1 rose about 3% to more than $108 a barrel in early trading.
If agreed, the embargo would follow the United States and Britain, which have imposed a ban on cutting one of the biggest sources of income for the Russian economy, as the West buys more than half of its oil products. crude and their oil from Russia.
“We are addressing our dependence on Russian oil. And let’s be clear, it won’t be easy because some member states are heavily dependent on Russian oil, but we simply have to do it,” von der Leyen said.
Ambassadors from the EU’s 27 governments are expected to adopt the Commission’s proposals earlier this week, allowing them to become law shortly thereafter.
However, Hungary said it could roll back the latest EU sanctions package.
Although it – along with Slovakia – will be put in place until the end of 2023 to cut off Russia’s oil sources because of its heavy dependence, Budapest said the proposal does not specify how its energy security will be ensured. tell how.
Hungarian government spokesman Zoltan Kovacs said: “We do not see any plans or guarantees on how to manage the transition based on current proposals and how to ensure energy security of the country. Hungary”.
Simone Tagliapietra of Brussels-based think tank Bruegel said a gradual embargo on Russian oil was very risky.
“In the short-term, it could lead to higher Russian revenues while having negative consequences for the EU and the global economy in terms of higher prices – not to mention the risk of retaliation,” he said. Russia) for natural gas supplies.
In addition to oil, the proposed latest round of sanctions hits Sberbank, Russia’s top lender, adding it to several banks that have been cut off from the SWIFT messaging system.
“We hit the banks that are systemically important to the Russian financial system and Putin’s destructive power,” said Von der Leyen. “This will reinforce the complete isolation of the Russian financial sector from the global system.”
Sberbank did not immediately respond to a request for comment. The lender, which exited most of the European markets in March, previously said other rounds of sanctions would not have a significant impact on its operations.
Von der Leyen said many senior Russian military officials would face EU asset freezes and unnamed travel bans, and the EU would also ban accountants, consultants and doctors. The doctor in charge of the affairs of Russian companies works for Russian companies.
State-owned Russian TV stations RTR-Planeta and R24 will be stopped from broadcasting in Europe as part of the latest sanctions, diplomats said.
Von der Leyen also proposed a recovery plan for Ukraine once the conflict is over, arguing that hundreds of billions of euros in funding will be needed to rebuild the country.
“Ultimately, it will pave the way for Ukraine’s future within the European Union,” von der Leyen said.
