The European Commission has suggested banning all Russian oil imports into the EU.
Ursula von der Leyen, President of the European Commission, advocated this In an address to the European Parliament.
Three big Russian banks would be cut off from the international banking payment system SWIFT as part of the new sanctions.
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While acknowledging the need for additional flexibility from countries like Slovakia and Hungary, Von der Leyen indicated that Russian crude oil supplies would be prohibited in six months and processed goods would be banned by the end of the year.
In her speech to the European Union Parliament, she stated that Russian oil is extremely important to some member states.
She also went on to state that “There would be a comprehensive import restriction on all Russian oil, seaborne and pipeline, crude and refined.”
In addition, she said that the EU will ensure that they phase out Russian oil in a systematic and orderly manner, allowing us and our partners to secure alternate supply pathways while minimizing the impact on global markets.
Russian imports account for 25 per cent of EU oil imports and are a significant source of revenue for the Kremlin, although levels of dependency vary, and Slovakian and Hungarian ministers have already declared that they will seek exemptions from the sanctions.
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The sanctions package must be approved by all EU member states, and their representatives in Brussels have already begun poring over the details in the hopes of reaching an agreement by the end of the week.
