EU Leader Proposes Ban of Russian Oil Imports
Headline Roundup May 4th, 2022
The head of the European Union has called for a full ban of Russian oil imports to take effect by the end of 2022.
European Commission president Ursula von der Leyen proposed "a complete import ban on all Russian oil" Wednesday alongside more potential sanctions against Russia. The new sanctions would target Russian banks, media outlets and Russian officials believed to be responsible for alleged war crimes in Ukraine.
Russia is the world's second-largest crude oil exporter and accounted for about 27% of EU oil imports in 2021. The United States and other large nations have already banned Russian oil imports. Ambassadors from the EU's 27 member countries are expected to adopt the plans as early as this week.
News coverage across the political spectrum highlighted the announcement and potential consequences, such as higher oil prices. Some reports from right-rated sources framed the ban as less likely to go through due to some European nations being heavily reliant on Russian oil.
The European Commission on Wednesday announced plans for a phased ban on all Russian oil by the end of the year, in a proposed sixth round of sanctions aimed at pressing President Vladimir Putin to end the invasion of Ukraine.
Why it matters: Russia is the world's second-largest crude oil exporter and Europe, unlike the U.S., is hugely reliant on Russian oil, gas and coal, per Axios' Ben Geman.
Ambassadors from the European Union's 27 member countries were expected to adopt the plans as early as this week, meaning the sanctions could soon...
The European Union's top official called for a full-scale ban of Russian oil imports to take effect by the end of 2022 on Wednesday.
European Commission president Ursula von der Leyen included the ban in a new suite of sanctions against Russia she proposed Wednesday. The sanctions would also hit more Russian banks, TV stations and target Russian officials believed to be responsible for alleged war crimes in Ukraine.
"We will make sure that we phase out Russian oil in an orderly fashion, in a way that allows us and our partners to...
The European Union is proposing to ban all oil imports from Russia by the end of the year and remove the country's biggest bank, Sberbank, from the SWIFT international payments network.
European Commission President Ursula von der Leyen said Wednesday the measures would form part of a sixth round of sanctions against Russia over its invasion of Ukraine.
"We now propose a ban on Russian oil," she said during a speech to the European Parliament. "Let's be clear: it will not be easy. But we simply have to work on it. We will make...