EU Announces 6th Sanctions Package on Russia, Including Phased Ban on Russian Oil
The EU rolled out its sixth package of sanctions on Russia following its invasion of Ukraine that includes an import ban on all Russian oil, European Commission President Ursula von der Leyen announced in a May 4 speech. She said, according to her written remarks prepared for delivery, that the sanctions package also includes designations of high-ranking military officers including those who committed "war crimes" in Bucha and "the inhuman siege" of Mariupol; the removal of Sberbank and two other leading Russian banks from SWIFT, the interbank messaging and payment system; a ban on three Russian state-owned broadcasting companies; and an export ban on accountancy, consultancy and "spin doctor" services.
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"We now propose a ban on Russian oil," von der Leyen said. "This will be a complete import ban on all Russian oil, seaborne and pipeline, crude and refined. We will make sure that we phase out Russian oil in an orderly fashion, in a way that allows us and our partners to secure alternative supply routes and minimizes the impact on global markets. This is why we will phase out Russian supply of crude oil within six months and refined products by the end of the year." The U.S. banned Russian oil imports in March. The U.K. is taking a path similar to the EU's, phasing out imports by the end of the year.