The European Union’s (EU) sixth package of sanctions will ban companies in the European Union from buying oil from Russia. It also aims to phase out imports from the EU into Russia.
This is the latest round of EU sanctions against Russia for its invasion of Ukraine. The decision was taken after weeks of intra-EU negotiations, as Member States have to reckon with the economic consequences.
Germany initially led EU opposition to the Russian oil embargo, despite criticism from Ukraine, but began to support the embargo after providing alternative sources of oil supply.
German Economy Minister Robert Habek said last week that Berlin had reduced the share of Russian oil in its oil imports in eight weeks, from 35% before the war in Ukraine to 12% now.
Since Russia’s full-scale invasion of Ukraine began on February 24, the EU has imported € 44 billion worth of Russian fossil fuels, according to the Center for Research on Energy and Clean Air (CREA).
According to Bruegel, the EU currently consumes about $ 450 million worth of Russian oil every day, contributing financially to Russia’s war in Ukraine.
EC news sources reported that only Hungary and Slovakia, which are heavily dependent on Russian oil supplies, are planning extensive exemptions from the EU’s ban on buying Russian oil. As both countries do not have access to the sea, they cannot find alternative sources of supply as quickly as other countries.
The new EU sanctions package also provides sanctions for other Russian propagandists and banks, EU High Representative for Foreign Affairs and Security Policy Joseph Borrell said on Tuesday.
The approval of all 27 EU Member States is required for the planned new sanctions to take effect.
The permanent representatives of the member states will start consultations in Brussels on Wednesday. If there are no longer any serious objections from Member States, the embargo could be adopted in the coming days.
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