EU turns up the pressure, proposes Russian oil ban

If this is agreed to by member states, it would be a watershed for the world’s largest trading bloc, which is dependent on Russian oil and gas

The European Union’s chief executive on Wednesday proposed a phased oil embargo on Russia, sanctions on its top bank and a ban on Russian broadcasters from European airwaves in its toughest measures yet to punish Moscow for its war in Ukraine. 

The EU’s sixth round of sanctions, if agreed by member states, would be a watershed for the world’s largest trading bloc, which is dependent on Russian oil and gas and must find alternative supplies as energy prices are spiking. Reluctance to deliver sanctions that will hurt EU economies as well as Moscow faded in recent weeks as Russia’s invasion of Ukraine brought horrific images of slaughter in towns and concern about a renewed offensive in the east of the country. Reflecting widespread anger in the West at Russian President Vladimir Putin’s campaign, the head of the EU executive said Moscow must face consequences. 

Ursula von der Leyen, European Commission President

“Putin must pay a price, a high price, for his brutal aggression,” European Commission President Ursula von der Leyen told European Parliament in Strasbourg. “Today, we will propose to ban all Russian oil from Europe,” she said to applause in the chamber. The measures include phasing out supplies of Russian crude oil within six months and refined products by end of 2022. Von der Leyen pledged to minimise impact on European economies. Europe is the biggest purchaser of Russian crude, receiving 138 million tons in 2020 out of Russia’s total exports of 260 million tons or 53%, according to the BP Statistical Review of World Energy. Kremlin spokesman Dmitry Peskov said on Wednesday that Russia has been looking into various options as it braces for an oil embargo by the European Union.

‘Ready if Belarus joins’

Kyiv will be ready if Belarus’s armed forces join Russia’s war effort in Ukraine, a spokesperson for Ukrainian State Border Service said on Wednesday. Belarus, a close ally of Russia, said its military had begun large-scale drills on Wednesday to test their combat readiness and they posed no threat to its neighbours. 

The mayor of Mariupol said there was heavy fighting on Wednesday at Azovstal steel works where the city’s last defenders and some civilians are there. He said contact was lost with the Ukrainian fighters and more than 30 children were among those awaiting evacuation from the plant.

$450MN
What the EU sends per day to Russia for oil

$400MN
What it sends per day to Russia for natural gas

‘It’s nonsense’

The Kremlin on Wednesday dismissed speculation that Russian President Vladimir Putin planned to declare war against Ukraine and a national mobilisation on May 9 when Russia commemorates the Soviet Union’s victory in World War Two. Kremlin spokesman Dmitry Peskov said, “There is no chance of that. It’s nonsense.” Putin is set to deliver a speech on May 9 and oversee a military parade. in Moscow’s Red Square. The Kremlin also said on Wednesday that no agreement had been reached on a possible meeting between President Putin and Pope Francis for talks over Ukraine.

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