In a sixth round of sanctions against Russia the EU now proposes to target all Russian oil, seaborne and pipeline, crude and refined, its biggest bank, and multiple media outlets, European Commission president Ursula von der Leyen told MEPs. Russian crude oil imports will cease within six months and refined products by the end of the year, in a phasing that is intended to allow states dependent on Russian oil time to find alternative sources and re-fit refineries to use different kinds of crude.
<br/> By April 27th, the union had imported an estimated €44 billion of fossil fuels from Russia by shipments and pipelines since the invasion of Ukraine began
Discussions continue over sanctioning natural gas imports, while the last package saw the EU agree to phase out imports of Russian coal in the months ahead.
Sberbank, which accounts for some 37 per cent of the entire Russian banking sector, will be shut out of the Swift international financial settlements system. Broadcasters Rossiya RTR/RTR Planeta, Rossiya 24 and TV Centre International will be blocked from European markets.
Russia is the EU's biggest supplier of oil and gas. By April 27th, the union had imported an estimated €44 billion of fossil fuels from Russia by shipments and pipelines since the invasion of Ukraine began. The revenue is key to keeping the country's war machine fed, but the dependence of EU member states on the oil to keep their economies turning makes the cut-off as painful if not more painful to them.
Slovakia and Hungary, which currently depend 100 per cent on Russian oil, will be given more time to implement the measure which is likely to be the subject of fierce debate. It needs to be unanimously approved to take effect.
Whether the union is moving fast enough to have an immediate impact on Putin’s war effort is debatable. But the European Commission is also concerned that the sanctions do not further inflate demand, and hence prices and Russian profits, on the international market as states scramble to find other sources. The complex interdependence and interpenetration of warring economies mean sanctions carry severe costs for both sides, but that is no reason for holding back.