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EU proposes Russian oil ban to make Putin pay high price for Ukraine

Eusebio R. Sheffield May 4, 2022 4 min read
  • Crude oil embargo in six months
  • Exemptions for Hungary, Slovakia until 2023
  • Broadcasters, military leaders, banks also sanctioned

STRASBOURG, May 4 (Reuters) – The European Union’s chief executive on Wednesday proposed a gradual oil embargo on Russia, sanctions on its main bank and a ban on Russian broadcasters on European airwaves in his latest measures. harshest to date to punish Moscow for its war in Ukraine.

The sixth round of EU sanctions, if accepted by member states, would be a turning point for the world’s largest trading bloc, which depends on Russian oil and gas and must find alternative supplies just as energy prices rise.

The reluctance to impose sanctions that will harm EU economies as well as Moscow has faded in recent weeks as Russia’s invasion of Ukraine has brought horrifying images of massacres in cities and concerns about a new offensive in the east of the country.

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Reflecting widespread anger in the West over Russian President Vladimir Putin‘s campaign – which Moscow says is a “special military operation” to defeat dangerous nationalists – the EU chief executive said Moscow must do facing the consequences.

“Putin must pay a price, a high price, for his brutal aggression,” European Commission President Ursula von der Leyen told the European Parliament in Strasbourg. Read more

“Today we will propose to ban all Russian oil from Europe,” she declared to the applause of the hemicycle.

The Commission’s measures include phasing out supplies of Russian crude oil within six months and refined products by the end of 2022. Von der Leyen pledged to minimize the impact on European economies.

The price of Brent crude rose about 3% to over $108 a barrel in early trading.

If accepted, the embargo would follow the United States and Britain, which have already imposed bans to cut off one of the most important streams of income from the Russian economy, as the West buys more half of its crude and petroleum products to Russia.

“We are tackling our dependence on Russian oil. And let’s be clear, it won’t be easy because some member states are heavily dependent on Russian oil, but we just have to do it,” von der Leyen said.

Ambassadors from the 27 EU governments are expected to adopt the Commission’s proposals as early as this week, allowing them to become law soon after.

An employee inspects a wellhead at the Yarakta oilfield, owned by Irkutsk Oil Company (INK), in Irkutsk region, Russia March 10, 2019. Picture taken March 10, 2019. REUTERS/Vasily Fedosenko /File Photo

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However, Hungary has indicated it could trigger the EU’s latest sanctions package.

Although it – along with Slovakia – has until the end of 2023 to wean itself off Russian oil due to its heavy dependence, Budapest said the proposal did not specify how its energy security would be guaranteed.

“We see no plans or guarantees on how a transition could be handled based on the current proposals, and how Hungary’s energy security would be guaranteed,” Hungarian government spokesman Zoltan said. Kovacs.

Simone Tagliapietra of the Brussels-based think tank Bruegel said a gradual embargo on Russian oil was risky.

“In the short term, this could leave Russian revenues high while implying negative consequences for the EU and the global economy in terms of higher prices – not to mention the risks of retaliation (by Russia) on the supply of natural gas,” he said.

Besides oil, the latest round of sanctions proposes hitting Sberbank (SBER.MM), Russia’s top lender, adding it to several banks already cut off from the SWIFT messaging system.

“We hit banks that are systemically critical to the Russian financial system and Putin’s ability to wreak destruction,” von der Leyen said. “This will reinforce the complete isolation of the Russian financial sector from the global system.”

Sberbank did not immediately respond to a request for comment. The lender, which exited nearly all of its European markets in March, has previously said further rounds of sanctions would not significantly impact its operations.

Von der Leyen said more senior Russian military officials would face asset freezes and EU travel bans, without giving names, and that the EU would also ban European accountants, consultants and spin-doctors who work for Russian companies.

Russian public broadcasters RTR-Planeta and R24 would be barred from the European airwaves under the latest sanctions, diplomats have said.

Von der Leyen also offered a recovery plan for Ukraine once the conflict is over, saying hundreds of billions of euros in funding are needed to rebuild the country.

“Ultimately, this will pave the way for Ukraine’s future in the European Union,” von der Leyen said.

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Additional reporting by Benoit Van Overstraeten, Francesco Guarascio, John Chalmers, Sabine Siebold and Gabriela Bacyznska Writing by Robin Emmott and John Chalmers; Editing by Nick Macfie

Our standards: The Thomson Reuters Trust Principles.

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