The European Commission is proposing sanctions on Russia’s oil exports over its invasion of Ukraine, its officials confirmed to the German news agency on Tuesday.
The sixth package of EU sanctions in Moscow will ban European companies from buying Russian oil and provides for a gradual cessation of consumption by member states.
The measure will be part of a new round of sanctions expected to be announced by Brussels after weeks of intense negotiations, as several of the 27 Member States have raised objections to the impact of the decision on their economies.
Initially, Germany resisted imposing an embargo on Russian oil, despite criticism from Ukraine. But now Berlin is in favor of the measure, as it has been able to find alternative sources of supply with argon.
German Economy Minister Robert Habeck said last week that his country had reduced oil supplies from Russia, which accounted for 35% of the total before the outbreak of the war, to 12% of imports in just eight weeks.
The invasion of Ukraine prompted the EU to reconsider its dependence on Russian energy, exports of enormous value to Vladimir Putin’s government.
The 27 have been importing 44 billion euros worth of fossil fuels from Russia since the beginning of the Russian military invasion of Ukraine, according to data from the Center for Research on Energy and Clean Air (CREA). The Bruegel Research Center estimates that Russian oil consumed daily in Europe is worth $ 450 million and partly finances the war.
The imposition of an embargo on Russian crude follows the imposition of a ban on Russian coal as part of the fifth round of sanctions. The end of coal imports from Russia is expected to be completed in August.
The United States imposed an embargo on all fossil fuel imports from Russia as early as March, at the start of the war. However, these imports already covered a small part of the country’s needs, especially compared to the EU.
According to the sources of the German Agency, exemptions from the embargo are provided only for Hungary and Slovakia.
As part of the sixth package of sanctions, Sberbank, Russia’s largest bank, will be punished, while two other banks and TV stations that, according to Brussels, are spreading misinformation about the war will be targeted.
Banks added to the blacklist will be excluded from the international SWIFT interbank communication system.
The unanimous approval of the 27 is required for the sanctions to take effect. The Permanent Representatives are expected to begin consultations today. If there are no objections from any capital, the measures will be implemented within days.
Follow Skai.gr on Google News
and be the first to know all the news
