EU proposes Russian oil embargo

Must read

Meet Hakeem Jeffries, the Democrats’ Far-Left Choice to Succeed Pelosi as House Leader

House Democrats on Wednesday elected the heirs apparent to the Nancy Pelosi, Steny Hoyer, James Clyburn era....

Biden Is Sufficiently Far-Left for Progressives to Back Him In 2024

After Democrats managed to turn back the “red wave” in the midterm election, focus has naturally turned to...

Investigation Discloses Terrifyingly Light Sentences for Pedophiles In California

The most precious thing in this world is the innocence of a child. It is where that wide-eyed...

Rail Strike Would Aid Joe Biden’s War on Coal

By Duggan Flanakin for RealClearEnergy Remember that rail strike that President Biden saved us all from just in...

The European Commission has proposed a sixth package of sanctions against Moscow on Wednesday, which includes an embargo on Russian oil.

The new measures – which include a six-month phase out of Russian crude imports – were announced by the Commission’s President Ursula von der Leyen at the European Parliament on Wednesday. They will have to be unanimously approved by the bloc’s 27 member states.

“Some member states are strongly dependent on Russian oil. But we simply have to work on it. We now propose a ban on Russian oil. This will be a complete import ban on all Russian oil, seaborne and pipeline, crude and refined,” von der Leyen said.

It was reported earlier that exemptions were made for Hungary and Slovakia, giving them a longer transition period, however the Commission’s President didn’t give any details on that during her speech.

The two countries receive respectively 58% and 96% of their oil imports from Russia and, according to reports, may be able to continue their purchases into 2023. Slovakia earlier demanded an exemption from the EU-wide ban on Russian oil and Hungary has repeatedly refused to sign up to sanctions involving energy.

The EU’s largest economy – Germany – expressed its support for a gradual embargo on Russian crude. Economy and Climate Minister Robert Habeck said on Sunday that Germany could be fully independent of Russian crude oil by the end of the summer.

The EU relies on Russia for roughly 26% of its oil imports.

For more stories on economy & finance visit RT’s business section

More articles

Latest article

Meet Hakeem Jeffries, the Democrats’ Far-Left Choice to Succeed Pelosi as House Leader

House Democrats on Wednesday elected the heirs apparent to the Nancy Pelosi, Steny Hoyer, James Clyburn era....

Biden Is Sufficiently Far-Left for Progressives to Back Him In 2024

After Democrats managed to turn back the “red wave” in the midterm election, focus has naturally turned to...

Investigation Discloses Terrifyingly Light Sentences for Pedophiles In California

The most precious thing in this world is the innocence of a child. It is where that wide-eyed...

Rail Strike Would Aid Joe Biden’s War on Coal

By Duggan Flanakin for RealClearEnergy Remember that rail strike that President Biden saved us all from just in...

ACLU Embarrasses Itself Lambasting Americans for Living on ‘Native Land’

The holiday season used to be a time of great joy and fellowship among family and friends. A...