BRUSSELS (Washington Insider Magazine) – In its 6th package of sanctions on Russia for its assault in Ukraine, the European Union’s senior leader called on the 27-nation group to block oil imports from Moscow and target the nation’s largest bank and key broadcasters.
In a speech to the European Parliament in Strasbourg, France, European Commission President Ursula von der Leyen recommended that EU member states phase down crude oil imports within 6 months and refined petroleum products by the end of this year.
According to ABC NEWS, the initiatives must be unanimously accepted in order to take effect, and they are expected to spark heated discussion. It will be difficult for Von der Leyen to convince all 27 member nations — some of which are landlocked and heavily reliant on Russia for energy supply — to agree on an oil embargo.
The EU imports around 25% of its fuel from Russia, the majority of which is used in automobiles as diesel and gasoline. According to S&P Global analysts, Russia provides around 14% of diesel, and a stoppage may send already high costs for tractor and truck fuel skyrocketing.
If approved, the restriction on oil supplies will be the second round of EU sanctions aimed at Russia’s wealthy energy industry in response to President Vladimir Putin’s conflict in Ukraine, which began on February 24. The bloc had earlier authorized a ban on coal imports, in addition to sanctions against different individuals and businesses, including Putin and his family members.
The EU has begun conversations about a potential natural gas blockade, but reaching agreement among member nations on how to target the fuel needed to create heat and power for households is more challenging. Russia provides around 40% of the region’s natural gas.
Several European Parliament members ramped up demands on Wednesday for the EU to strike Russia’s natural gas supplies as well, indicating the political pressure on von der Leyen to expand EU sanctions on Russia’s resources.
Slovakia and Hungary have previously said that they will not participate in any oil restrictions, but von der Leyen did not say if they would be exempted from the penalties, which looks to be the case.
Von von Leyen also suggested that the EU pursue high-ranking military leaders and anyone involved in war atrocities in Bucha, a suburban area of Kyiv’s capital. Ukrainian sources claim that Russian forces on the retreat killed hundreds of civilians in Bucha.
Putin’s goal, according to Von der Leyen, is to erase Ukraine off the planet, but he believes he will fail in his horrific mission.
Banks, including Sberbank, are also on the EU executive arm’s radar. The goal, according to Von der Leyen, is to “de-SWIFT Sberbank.” SWIFT is the world’s most widely used financial messaging system.
Sberbank controls roughly 37% of the Russian financial system, according to Von der Leyen.
Those accused of disseminating disinformation regarding the Ukraine conflict will be targeted, according to Von der Leyen.
She didn’t mention the broadcasters by name, but described them as “mouthpieces that aggressively amplify Putin’s lies and propaganda.”
