European Union Discusses Plans to Gradually Eliminate Russia’s Oil Use as New Sanctions All

BRUSSEL, KOMPAS.com – Uni Europe (UE) will propose ban oil import Russia gradually, as part of a new round of sanctions against the Russian invasion of Ukraine.

The European Commission, which drafts sanctions from the bloc, is currently preparing a text that could be submitted to the 27 member states by Wednesday (4/5/2022), diplomats said on Sunday (1/5/2022). AFP.

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Diplomats said the oil ban was possible after Germany changed its view, from initially saying it would hurt its economy.

The European Union’s foreign policy chief Josep Borrell said Russia was intensifying its attacks on Ukraine, making new sanctions “very important”.

“We have to use our economic and financial capabilities to make Russia pay for what it did,” he said.

The EU Commission is proposing imposing a ban of six to eight months, to give its member states time to diversify their supplies, the sources said.

Prohibition it needs unanimous support and could still be thwarted, with Hungary expected to raise strong opposition as it relies on Russian oil and close to the Kremlin.

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Other countries worry that the oil ban will drive up prices when consumer prices have risen sharply because of the Russia-Ukraine war.

“We have to pay close attention to the market reaction,” an official told AFP on condition of anonymity.

“There are solutions and we will get there eventually, but we have to act very carefully.”

Minor impact

Even though Russia exports two-thirds of its oil to the EU, the United States has expressed doubts about an outright ban.

US Treasury Secretary Janet Yellen warned that it might have little impact on Russia as it would push up prices for the rest of its exports.

EU energy ministers will discuss the ban at Monday’s talks in Brussels, although they will not sign the decision immediately.

Read also: List of Countries Buying Russian Oil, Biggest Consumers in Asia

The sixth package of anti-Russian measures will also target the country’s largest bank, Sberbank, which will be removed from Swift’s international financial messaging system, diplomats said.

The European Union has banned imports of Russian coal, but Poland and the Baltic states have also called for an oil embargo.

Gas imports from Russia will remain untouched, with heavily dependent Germany only promising to stop using Russian gas in mid-2024.

Europe’s biggest economy’s dependence on Russian energy has been exposed to be a weakness as Western allies, as they have struggled with their own repercussions, have to punish Russian President Vladimir Putin for his attacks on Ukraine.

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