EU Looking to Phase Out Russian Oil by End of Year, Bloomberg Says
The EU will look to ban Russian oil by year's end, placing restrictions on imports gradually until all Russian oil is banned, Bloomberg reported April 30. In addition, the EU will look to sanction more banks from Russia and Belarus, including Sberbank, to be cut off from SWIFT, the international interbank messaging and payment system, Bloomberg reported. The U.S. and U.K. both already have restrictions on Sberbank.
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The new sanctions decisions could see a timeline that runs as early as this week, Bloomberg said. EU sanctions measures must be passed by all 27 member states, including Hungary, which has consistently resisted measures aimed at Russian oil. While Germany was another roadblock, it has signaled its willingness to ban Russian oil. Other measures considered include price caps, special payment mechanisms and tariffs, Bloomberg said. Oil shipped through tankers and through pipelines also could be treated differently, with pipeline oil being easier to sanction.