The European Union intends to reduce oil and gas imports from Russia by two-thirds by the end of the year and to become completely independent of Russian energy by the end of 2027, European Commissioner for Economic Affairs Paolo Gentiloni said today.
In an interview with the Italian newspaper Il Messaggero, Gentiloni pointed out that the EU will revise its growth estimates for 2022, from the previous target of 4%.
However, he added that it was too early to assess whether restricting growth would lead to economic stagnation.
Borrell: No agreement on EU embargo on Russian oil and gas
There is insufficient support from EU member states to impose a full embargo or punitive tariffs on Russian oil and gas, European diplomacy chief says Josep Borrell.
“At the moment, we in the EU do not have a common position on this issue,” Borrell told the German newspaper Die Welt.
Oil exports are the main source of foreign exchange for Moscow, and many EU countries have called for it to be imposed. embargo as they consider that the Russian oil markets are essentially financing Russia’s war against Ukraine.
Just over a quarter of the EU-imported oil in 2020 came from Russia, according to Eurostat, making it a key country from which the bloc imports oil.
Borel explained that the issue would be discussed at the next European summit scheduled for the end of May, adding that he did not expect a decision on the issue to be taken sooner.
“A final proposal to impose an embargo on oil and gas is not yet on the table,” he said.
Welt also said, without naming its sources, that the European Commission would probably submit a proposal this week for a sixth package of sanctions against Russia.
All EU countries are working to reduce their dependence on Russian energy, Borel said, noting that he believes the bloc will one day be able to reduce its dependence on it.
“At some point it will happen and then Russia will feel painfully that oil and gas revenues are being lost,” he said.
EU prepares to impose ‘smart sanctions’ on Russian oil exports
The European Union (EU) is preparing to impose “smart sanctions” on Russian oil imports, according to European Commission Vice-President Valdis Dobrovskis, published in the British newspaper The Times today.
“We are working on the sixth package of sanctions and one of the issues we are considering is to impose some kind of embargo on (Russian) oil. “Once we impose sanctions, we must do so in a way that maximizes pressure on Russia while minimizing collateral damage on our side,” Dobrowski told the Times of London.
The vice-president of the Commission clarified that the details of the European sanctions on Russian crude have not yet been finalized, but are expected to include the gradual reduction of European countries’ dependence on Russian oil or the imposition of tariffs beyond a certain price limit.
Russia is Europe’s largest oil supplier. The EU imported 26% of the crude consumed in 2020 from this country.
Ukraine and some EU member states, including Poland and Lithuania, are calling for an embargo on Russian oil and gas. But other Member States, including Germany and Hungary, are directly opposed to the embargo.
The oil exports and its by-products accounted for more than a third of Moscow’s export earnings last year. Europe currently spends about $ 450 million a day on crude and refined products from Russia, about $ 400 million a day on Russian gas, and about $ 25 million a day on coal, according to estimates. Bruegel Research Institute.
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