The sixth package of sanctions against Russia adopted by the EU includes partial ban on Russian oil imports

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The European Union has agreed on a partial ban on Russian oil imports, the European’s Council chief Charles Michel declared after last consultation at an extraordinary European Council summit attended by EU leaders in Brussels on Monday. Agreement to ban export of Russian oil to the EU long-delayed sixth package of sanctions against Russia required approval from all 27 member states and has yet to be formally ratified. This immediately covers more than 2/3 of oil imports from Russia, cutting a huge source of financing for its war machine,” Michel announced in a tweet. An exemption will be made for the southern segment of the Druzhba pipeline, to not have opposition from Hungary manifesting.

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The bloc also agreed on measures to cut Russia’s largest bank, Sberbank, from the SWIFT messaging system. 3 more Russian state-owned broadcasters were banned . Europe is the biggest buyer of Russian energy. Roughly 36% of the EU’s oil imports come from Russia. The price of Brent crude futures, the European benchmark, soared past $124 a barrel on Tuesday morning, highest level since early March after Russia invaded Ukraine. Europe now needs to find alternate sources and can’t prevent Russia from selling oil to non-European countries like India. Separately, China has been seen quietly ramping up purchases of oil from Russia at discounted prices. European Council President Charles Michel said the compromise on oil sanctions reaffirmed the bloc’s unity in response to the Kremlin.