EU proposes ban on Russian oil

The leader of the European Union (EU), Ursula von der Leyen stated, asked the member states to ban oil imports from Russia during the sixth package of sanctions. 

 She stated, “We will assure that we phase out Russian oil in an orderly fashion, in a way that permits our partners and us to secure alternative supply routes and minimizes the impact on global markets“.  

The sanctions are being imposed on Russia amid its military invasion of Ukraine. Earlier the warning was already given to Russian Federation in terms of imposing a gas embargo on the country. 

Leyen further stated, “Finally, we now propose a ban on Russian oil. Let’s be clear – it will not be easy. But we simply have to work on it. We would make sure that we phase out Russian oil in an orderly fashion. To maximize pressure on Russia while minimizing the effect on our economies”. 

“We want Ukraine to win this war. Yet so much has to be rebuilt. That is why I am proposing to start working on an ambitious recovery package for our Ukrainian friends. This package should bring massive investment to meet the needs and the necessary reforms”.  

Besides, the EU has also de-swifted Sberbank – by far Russia’s largest bank – and two other major banks, which means that they will not be able to use the financial transfer interface.  

Along with it, three major Russian state-owned broadcasters have also been banned by the European Union. 

Leyen underscored, “We are banning three big Russian state-owned broadcasters from our airwaves that amplify Putin’s lies and propaganda aggressively”.  

During the sixth package of sanctions, the high-ranking military officers and other individuals who committed war crimes in Bucha were listed, on which further discussions were held. 

A total of seventy days have been passed since the Russian military invaded Ukraine.