EU proposes stiff ban on Russian oil

Multinational

STRASBOURG, May 5, 2022 – European Commission President Ursula von der Leyen has proposed a full oil embargo on Russia from EU states, Reuters announced on Wednesday.

The sanctions would see a phasing out of Russian oil supplies over six months, with an exception to Hungary and Slovakia, which will have until the end of 2023.

The package stipulates closing out refined products by the end of 2022 and a ban on all shipping, brokerage, insurance and financial services from EU companies for shipment of Russian oil.

It also includes sanctions on Russian broadcasters, military chiefs and banks.

The move requires approval by an absolute majority of EU countries.

Hungarian officials have expressed that the country would not agree to the decision unless pipeline oil was exempt from the sanctions.

Slovakia had demanded a three-year transition period and Czech Republic has asked for a two- to three-year delay.

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