The EC is proposing a Ban on Imports of all Russian Oil

World » EU | May 4, 2022, Wednesday // 12:38
Bulgaria: The EC is proposing a Ban on Imports of all Russian Oil European Commission President Ursula von der Leyen @Wikimedia Commons

The European Commission is proposing a ban on imports of all Russian oil. The ban is part of the EU's sixth package of sanctions, which European Commission President Ursula von der Leyen presented today at the European Parliament in Strasbourg.

The proposal to the Member States is to stop the import of crude oil within six months and of refined petroleum products by the end of the year. More Russian banks and those responsible for war crimes in Ukraine will also be sanctioned.

"Today we are proposing a ban on Russian oil. This will be a complete ban on the import of all Russian oil - by sea and from pipelines, crude and refined. We will take care to phase out the import of Russian oil in an organized way that allows us and our partners to provide alternative delivery routes and minimize the impact on world markets. That is why we will stop the supply of crude oil from Russia within six months and refined products - by the end of the year. In this way, we are maximizing pressure on Russia while minimizing collateral damage to ourselves and our partners around the world. Because to help Ukraine, our own economy must remain strong. With all these steps, we are depriving the Russian economy of its ability to diversify and modernize. Putin wanted to erase Ukraine from the map.”

“It is clear that he will not succeed. On the contrary: Ukraine has revolted and is united. And his own country, Russia, is sinking," said Ursula von der Leyen, the EC's president.

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Tags: Ursula von der Leyen, oil, Russia, EU, EC
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