Print Magazine
Brussels Morning Newspaper
Sunday, May 15, 2022
No Result
View All Result
  • Home
    • About Us
  • EU institutions
    • Commission
    • Parliament
    • Council
  • Europe
  • World
  • Economy
  • Culture and Society
  • In Depth
    • Ambassador’s Corner
    • The American Angle
    • Europe With Transparency
    • Sustainable Perspective
    • Place de la Bourse
    • The Macro-Economist
    • Southeast Europe
Brussels Morning Newspaper
  • Home
    • About Us
  • EU institutions
    • Commission
    • Parliament
    • Council
  • Europe
  • World
  • Economy
  • Culture and Society
  • In Depth
    • Ambassador’s Corner
    • The American Angle
    • Europe With Transparency
    • Sustainable Perspective
    • Place de la Bourse
    • The Macro-Economist
    • Southeast Europe
Brussels Morning Newspaper
No Result
View All Result
Home EU Institutions Commission

EC proposes Russian oil embargo, new sanctions

Nikola Kiš by Nikola Kiš
4 May 2022
in Commission
Russian-gas
Share on FacebookShare on Twitter

Belgium, (Brussels Morning Newspaper) The European Commission has proposed a new package of sanctions against Moscow and plans to implement a Russian oil embargo.

EC President Ursula von der Leyen pointed out in the EU Parliament on Wednesday that the new package of measures includes a gradual ban on Russian oil imports, Reuters reports.

Von der Leyen stressed that the proposed embargo “will be a complete import ban on all Russia” that will be implemented gradually.

The EU is to phase out Russian crude oil imports in six months and refined oil products by the end of the year, she noted and added that the Commission will minimise negative effects on the bloc.

“We are addressing our dependency on Russian oil,” she pointed out and continued “let’s be clear, it will not be easy because some member states are strongly dependent on Russian oil, but we simply have to do it.”

Commenting on Russian President Vladimir Putin, she stressed that he “must pay a price, a high price, for his brutal aggression” against Ukraine.

Four banks targeted

Besides phasing out Russian oil imports, the bloc is to impose sanctions on four Russian banks, including its top lender Sberbank, which are to be excluded from the Society for Worldwide Interbank Financial Telecommunication (SWIFT).

“We de-SWIFT Sberbank – by far Russia’s largest bank, and two other major banks,” von der Leyen noted.

“By that, we hit banks that are systemically critical to the Russian financial system and Putin’s ability to wage destruction,” she pointed out and added that the move “will solidify the complete isolation of the Russian financial sector from the global system.”

Von der Leyen announced that more ranking Russian officials will be added to the list of individuals and entities under EU sanctions that include travel bans and asset freezes, but did not provide any names.

EC’s proposed measures include banning three Russian broadcasters under state control, with von der Leyen describing the broadcasters as “mouthpieces that amplify Putin’s lies and propaganda aggressively.”

EU diplomats pointed out that Hungary and Slovakia will likely get more time to phase out Russian oil imports because the two EU member states are heavily dependent. The EC’s proposal still needs to be approved by EU member states.

Simone Tagliapietra, a senior fellow at Bruegel think tank, described the EC’s proposed embargo as “a risky bet.”

“In the short term it might leave Russian revenues high while implying negative consequences for the EU and global economy in terms of higher prices,” Tagliapietra noted and concluded “not to talk about retaliation risks on natural gas supplies.”

Tags: Main-SliderRussian oil embargo.

Latest post

Overturning Roe v. Wade Will Reveal Our Flawed Constitution

Overturning Roe v. Wade Will Reveal Our Flawed Constitution

2 days ago
MEPs see COVID-19 endangering Schengen

Slovenia threatening to veto Croatian accession to Schengen

2 days ago

Most Read

  • shutterstock_1821616664

    MEPs send Open Letter urging the Home Secretary Priti Patel to reject Assange’s extradition

    0 shares
    Share 0 Tweet 0
  • These are the 10 highest paying jobs in the Europe in 2022

    0 shares
    Share 0 Tweet 0
  • Brussels residents want to set up school for Ukrainian children

    0 shares
    Share 0 Tweet 0
  • Why corruption matters

    0 shares
    Share 0 Tweet 0
  • Sweden: Taking Syrian children away from parents for protection?

    0 shares
    Share 0 Tweet 0
Facebook Twitter Youtube LinkedIn

About Us

Brussels Morning is a daily online newspaper based in Belgium. BM publishes unique and independent coverage on international and European affairs. With a Europe-wide perspective, BM covers policies and politics of the EU, significant Member State developments, and looks at the international agenda with a European perspective.

Category

  • Ambassador’s Corner
  • Belgium News
  • Brussels
  • Commission
  • Council
  • Culture and Society
  • Diplomacy
  • Economy
  • EU Institutions
  • Europe
  • Europe With Transparency
  • Features
  • In Depth
  • Member States
  • Middle East Eye
  • Opinion
  • Our pick
  • Parliament
  • Place de la Bourse
  • Southeast Europe
  • Sustainable Perspective
  • The American Angle
  • The Macro-Economist
  • Uncategorised
  • US Elections
  • World

More info

  • About Us
  • Advertising
  • Cookies Policy
  • Contact Us
  • FAQ
  • Jobs

Brussels Morning Newspaper - All Rights Reserved © 2020

No Result
View All Result
  • Home
  • About Us
  • EU Institutions
    • Parliament
    • Commission
    • Council
  • Europe
  • World
  • Member States
  • Economy
  • Culture and Society
  • In Depth
    • Ambassador’s Corner
    • Europe With Transparency
    • Place de la Bourse
    • The Macro-Economist
    • Sustainable Perspective
    • The American Angle
    • Southeast Europe
  • Print Magazine

Brussels Morning Newspaper - All Rights Reserved © 2020

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
Cookie settingsACCEPT
Privacy & Cookies Policy

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may have an effect on your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Non-necessary
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.
SAVE & ACCEPT