The European Union proposes a gradual embargo on Russian oil in the wake of sanctions against Moscow

The European Commission (EU), the EU’s governing body, on Wednesday imposed new sanctions on the Kremlin, including a six – month ban on Russian crude imports.

Occupation of Ukraine without Russian incitement, And evidence of war crimes, has pushed the EU to take bold action on energy sanctions. But imposing measures that could reduce or completely reduce Russia’s energy supplies to the EU remains a complex task for the camp.

This is because the region relies on Russia for many energy sources, including oil. By 2020, Russian oil imports account for about 25% of the camp’s crude purchases. Regional Statistics Office.

“Let it be clear: this is not easy,” European Commission President Ursula van der Leyen said in a speech to the European Parliament on Wednesday.

“Some member states are strongly dependent on Russian oil, but we must work on it. Now we propose a ban on Russian oil.

Exceptions

The embargo was a hotly debated topic within the EU, but the move gained momentum after Germany backed the idea. Two EU countries – Both Slovakia and Hungary are highly dependent on Russian power – demanding exemptions.

Von der Leyen chose not to give any details of the exceptions during his speech, but three EU officials, who did not want to be named because of the sensitivity of the issue, confirmed to CNBC that the commission’s proposal included this flexibility – Slovakia’s long expulsion of Hungary and Russian oil.

Two anonymous officials said the two countries would have until the end of 2023 to suspend Russian oil imports.

Speaking on Wednesday, Van der Leyen explained that for most EU countries, a six-month period would give them time to adjust to commodity markets.

“We are increasing pressure on Russia, while at the same time reducing joint damage to ourselves and our allies around the world, because to help Ukraine, our own economy must be strong,” he added.

The war in Ukraine has brought new economic concerns to the EU. It started positively this year, two years after dealing with the corona virus infection, but it ended abruptly as the conflict escalated in Ukraine.

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