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European Union doubles down on Russian sanctions

The EU declared a full ban on Russian oil and refined products to be in force by end of 2022

It was preparing sanctions on Russian oil sales over its invasion of Ukraine after a major shift by Germany, Russia’s biggest energy customer. That could deprive Moscow of a large revenue stream within days. Yet it came to pass through Ursula von der Leyen, President of the European Commission.

Proposed in parliament
Ursula von der Leyen, announced in Parliament that the EU countries will cease importing Russian oil and refined products. This comes as the 6th round of sanctions against Russia for their invading Ukraine. “We will phase out Russian supply of crude oil within 6 months and refined products by the end of the year. This will be a complete import ban on all Russian oil, seaborne and pipeline, crude and refined.” Ursula von der Leyen said, earning thunderous applause from lawmakers present. She added, “It will not be easy. Some member states are strongly dependent on Russian oil. But we simply have to work on it.” The proposal requires approval from all 27 EU countries to take effect. Germany was notably hesitant on the blows towards Russia, only to relent after growing pressure.

Chancellor Olaf Scholz, who has been more cautious than other Western leaders in backing Ukraine, has been under growing pressure to take a firmer line. He vowed sanctions will not be lifted until Russian President Vladimir Putin signs a peace deal with Ukraine that Kyiv can support. However, German Economy Minister Robert Habeck said it was prepared to back an immediate EU embargo on Russian oil. “We have managed to reach a situation where Germany is able to bear an oil embargo”. The ban may see India cashing in further on discounted fuel as it has been lately.

Marine Online News Team
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