BRUSSELS (CU)_Following President Vladimir Putin’s invasion of Ukraine in late-February, several western superpowers launched a series of sanctioned aimed at crippling Russia’s economy. They included a ban Russian oil imports by the United States, the United Kingdom, Canada and Australia. However, the European Union has been unable to join this effort owing to opposition from some member states which are heavily relying on the transcontinental nation to meet its oil needs.
However, the 27-member bloc has been considering the possibility of phasing oil imports from Russia and has now agreed to ban around 75 per cent, covering Russian oil brought in by sea. However, there will be a temporary exception on imports delivered by pipeline, which is aimed at appeasing countries which are concerned about the economic impact of a full ban. This includes Hungary, which relies on Russia to meet more than 60 per cent of its oil demand.
“We want to revert to the European Council as soon as possible in order to address this temporary exception and to make sure that we will be able to target all the Russian oil,” Charles Michel, the president of the European Council, said. According to Michel, while 75 per cent of Russian oil imports would be political and economic union will be banned immediately, the embargo will be expanded to cover 90 per cent of oil imports by the end of the year.
Describing the measures as a “remarkable achievement”, the EU council president said: “We want to stop Russia’s war machine.” “More than ever it’s important to show that we are able to be strong, that we are able to be firm, that we are able to be tough,” he added. French President Emmanuel Macron, hailed the move, describing it as “new decisive sanctions” taken “in solidarity with the Ukrainian people”. However, Ukrainian president Volodymyr Zelenskyy was less enthusiastic, pointing to lengthy time period taken by the EU to agree new sanctions, with the last package introduced nearly two months ago.
