BusinessEU proposes gradual ban on Russian oil in sanctions...

EU proposes gradual ban on Russian oil in sanctions against Moscow


The European Commission, the executive arm of the EU, on Wednesday put forward new sanctions against the Kremlin which will include a six-month phase out of Russian crude imports.

Russia’s unprovoked invasion of Ukraine, and evidence of war crimes, has pushed the EU to take bolder steps on energy sanctions. But imposing measures that could reduce, or fully cut, Russian energy supplies to the EU have been a complicated task for the bloc.

This is because the region is reliant on Russia for several sources of energy, including oil. In 2020, Russian oil imports accounted for about 25% of the bloc’s crude purchases, according to the region’s statistics office.

“Let us be clear: it will not be easy,” European Commission President Ursula von der Leyen said during a speech at the European Parliament Wednesday.

“Some Member States are strongly dependent on Russian oil. But we simply have to work on it. We now propose a ban on Russian oil. This will be a complete import ban on all Russian oil, seaborne and pipeline, crude and refined.”

A ban on Russian oil has been a highly controversial subject within the EU, but the move gained more momentum after Germany backed the idea. Nonetheless, two EU nations — Slovakia and Hungary which are both highly dependent on Russian energy — have been demanding exemptions.

Von der Leyen chose not to give any details on exemptions during her speech, but two EU officials, who did not want to be named due to the sensitivity of the issue, told CNBC that the commission’s proposal includes flexibility. This mean that Hungary and Slovakia are likely to have a longer period of time to phase out Russian oil.



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