European Union Contemplates Complete Prohibition on Russian Petroleum

As a component of the upcoming set of penalties designed to reprimand Russia for their continuous encroachment into Ukraine, the European Union put forth today a fresh suggestion advocating for a comprehensive prohibition on all Russian energy imports. Moreover, Russia’s primary bank, Sberbank, would be excluded from the SWIFT network.

“A ban on Russian oil is now being proposed,” conveyed European Commission President Ursula von der Leyen in a speech delivered today. “Let’s be unequivocal: this task will not be simple. Nevertheless, we are compelled to address it. We are committed to meticulously phasing out Russian oil in a well-organized manner, with the aim of intensifying pressure on Russia while mitigating the repercussions on our domestic economies.”

If this strategy were to be put into effect, all shipments of crude oil from Russia would be gradually curtailed over a six-month period, to be succeeded by a prohibition on all refined oil products by the conclusion of 2022. Numerous EU nations are in favor of this proposal, as a few have already barred the intake of Russian coal, although some countries such as Hungary and Slovakia have voiced reservations that a total cessation of Russian oil would pose more challenges to their energy infrastructure than benefits.

“There is a lack of outlined plans or assurances on how a smooth transition could be orchestrated based on the existing suggestions, and how the energy security of Hungary would be safeguarded,” conveyed Hungarian government spokesperson Zoltan Kovacs via Twitter.

Urgent Update: The EU has advocated for a complete halt on Russian oil, marking its most significant action in support of Ukraine and in reducing dependency on Russia.

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Western nations and alliances are intensifying their efforts to economically isolate Russia from the global community, which consequently will make it significantly more challenging for Russian President Vladimir Putin to sustain the invasion of Ukraine and to maintain the economic stability of his nation.