welcome

To punish Moscow for invading Ukraine, European Union leaders declare they will ban most Russian oil imports by the end of 2022.

read on

The EU-wide prohibition will apply to oil imported by sea (about two-thirds of all imports), but not pipeline oil, due to Hungary’s resistance.

Poland and Germany have also agreed to halt pipeline imports, effectively blocking 90 percent of Russian oil.

The pact, according to European Council President Charles Michel, cut off a major source of funding for Russia’s war machine.

It’s part of a six pack of measures authorized during a summit in Brussels, which required unanimous approval from all 27 EU member states.

Russia presently provides the EU with 27% of its imported oil and 40% of its gas.

In exchange, the EU pays Russia roughly €400 billion ($430 billion, £341 billion) per year.

  • Is the world capable of surviving without Russian oil and gas?

So yet, no restrictions have been imposed on Russian gas shipments to the EU, while plans to build a new gas pipeline connecting Russia and Germany have been halted.

The United Kingdom, which imports 8% of its oil from Russia, has promised to phase out Rrssian oil by the end of the year.

The news of the EU ban boosted oil prices, pushing Brent crude above $123 a barrel, its highest level since March.

What are the contents of the EU’s sixth round of sanctions?

  • By the end of the year, Russian seaborne oil will be outlawed, with a short exemption for pipeline oil.
  • Poland and Germany have pledged to cease importing pipeline oil, bringing the ban’s coverage to 90 percent of Russian imports • Russia’s largest bank, Sberbank, will be shut off from the Swift payment system, which allows for quick money transfers across borders.
  • Three more state-owned Russian broadcasters have been shut down.

Additional sanctions against “individuals guilty for war crimes in Ukraine.”

Members of the EU spent hours trying to work out their disagreements over the Russian oil import restriction.

Also read: WHO Wants African Nations To Impose Tax On Tobacco

The primary opponent was Hungary, which gets 65 percent of its oil from Russia via pipelines.

Viktor Orban, Hungary’s prime minister, maintains cordial connections with Russian President Vladimir Putin.

Mr Michel told reporters that the compromise came after weeks of debate until it was decided on “a temporary exemption for oil that arrives through pipelines to the EU.”

As a result, the immediate sanctions will only affect Russian oil being delivered into the EU by sea, which accounts for two-thirds of all Russian oil purchased.

However, European Commission President Ursula von der Leyen stated that the ban’s reach would be widened in practice because Germany and Poland have agreed to phase out their own pipeline imports by the end of the year.

“The southern Druzhba covers roughly 10-11 percent of the left over,” Ms Von der Leyen added, referring to the Russian pipeline that supplies oil to Hungary, Slovakia, and the Czech Republic.

She said that the European Council would reconsider the exception “as soon as feasible.”According to a senior EU official, the three landlocked countries were offered an additional guarantee that they would be able to get supplies of seaborne Russian oil if the pipeline supply was disrupted.

Vladimir Chizhov, Russia’s EU ambassador, stated that Brussels has “already exceeded the limits of what is conceivable in terms of penalties.”

If the EU tries to agree on a gas embargo, he predicts “severe issues,” according to Russian official television.

 

LEAVE A REPLY

Please enter your comment!
Please enter your name here