EU to propose import restriction on all Russian oil

Brussels will propose a phased-in restriction on imports of all Russian oil as member states prepare to talk about a 6th bundle of charges versus Moscow for its intrusion in Ukraine.

The restriction will cover all Russian oil, seaborne and pipeline, crude and improved, European commission president Ursula von der Leyen stated on Wednesday. She promised to phase out the materials in an “orderly fashion”, striking petroleum within 6 months and improved items by the end of the year.

Brent oil climbed up as much as 2.5 percent on Wednesday to a high of $107.58 a barrel after news of the EU relocation broke.

The commission will likewise propose that Sberbank, Russia’s biggest bank, and 2 other significant banks be detached from the Swift worldwide banking payment system, von der Leyen informed the European Parliament. Three huge Russian state-owned broadcasters will be prohibited from EU airwaves, she included.

“They will not be allowed to distribute their content any more in the European Union, in whatever shape or form, be it on cable, via satellite, on the internet or via smartphone apps,” von der Leyen stated in Strasbourg.

Proposals require to be all authorized by the 27 member states and might still deal with resistance by some nations. EU diplomats are because of begin talking about the procedures on Wednesday.

As the EU prepares to talk about the bundle, Ukraine’s president stated on Tuesday that “we must all insist that it includes an oil embargo and a real blockade of any schemes that Russia uses to deceive the free world and ignore sanctions”.

“Russian banks must be completely disconnected from the global financial system,” Volodymyr Zelensky included the video address to Albania’s parliament.


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