EU chief calls for phased ban on Russian oil in fresh set of sanctions
The European Commission President Ursula Von der Leyen has proposed a phased oil embargo on Russia over its war in Ukraine, as well as sanctioning the country's top bank, in a bid to deepen Moscow's isolation.Ā
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The plan was announced by Von der Leyen this Wednesday, and if agreed by all EU governments, it would mark aĀ watershed for the world's largest trading bloc, which isĀ dependent on Russian energy and must find alternative supplies.
But Russia's invasion of Ukraine by land, sea and air on 24 February, the renewed Russian offensive in eastern Ukraine andĀ the horrific images of slaughter in Ukrainian towns haveĀ overcome reluctance to deliver the toughest sanctions so far.
Finally, we now propose a ban on Russian oil.
— Ursula von der Leyen (@vonderleyen) May 4, 2022
LetĀ“s be clear: it will not be easy.
But we simply have to work on it.
We will make sure that we phase out Russian oil in an orderly fashion.
To maximise pressure on Russia, while minimizing the impact on our economies pic.twitter.com/fH2wuKN5t2
Pledge to minimise impact on EU states
Speaking at the European Parliament in Strasbourg this morning, the EU Commission President declared: "Today, we will propose to ban all Russian oil from Europe.
"This will be a complete import ban on all Russia," she added,Ā to applause in the chamber.
The commission's measures include phasing out supplies ofĀ Russian crude oil within six months and refined products by theĀ end of 2022, von der Leyen said.
She also pledged to minimise theĀ impact on European economies.
"We are addressing our dependency on Russian oil. And let'sĀ be clear, it will not be easy because some member states areĀ strongly dependent on Russian oil, but we simply have to do it.
"[Russian President Vladimir] Putin must pay a price, a highĀ price, for his brutal aggression," she said.
āFour Russian banks added to EU blacklist
As well as oil, the latest round of sanctions will hitĀ Sberbank, Russia's top lender, as well as three otherĀ banks, adding it to several banks that have already beenĀ excluded from the SWIFT messaging system.
Von der Leyen underlined that the EU must "de-SWIFT" Sberbank. SWIFT is the major global system for financial transfers.
"By that," she said, "we hit banks that areĀ systemically critical to the Russian financial system andĀ Putin's ability to wage destruction," andĀ will solidify the complete isolation of the RussianĀ financial sector from the global system.
More high-ranking Russian officials will also be targeted with asset freezes and travelĀ bans, butĀ their names were not given.Ā "You are not getting away with this," she said,Ā referring directly to the Kremlin.
This Wednesday's proposals by the Commission now need to go to the 27Ā member states for unanimous approval. Diplomats said there was likely toĀ be a longer period granted to Hungary and Slovakia to stop oilĀ imports as they are so heavily dependent on Russian energy.
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