European Union Bans Russian Crude Oil

By: SiliconExpert on June 2nd, 2022

On Monday, May 30, 2022, European Union leaders banned the import of Russian oil to their entire 27 member nations. Over two-thirds of all Russian oil exports go to the EU and would be a devastating blow to the Russian economy.

 

90% of all oil imports from Russia cut off by end of year

Ursula Von der Leyen, the head of the EU’s executive branch, said this sanction will “effectively cut around 90% of oil imports from Russia to the EU by the end of the year.”

The embargo covers Russian oil brought in by sea, allowing a temporary exemption for imports delivered by the Druzhba pipeline, a key concession to Hungary, which is heavily dependent on Russian oil.

The ban on seaborne imports will be imposed with a phase-in period of six months for crude oil and eight months for refined products.

 

Russian bank and state-owned broadcasters also banned

The EU leaders also announced they would be cutting off Sberbank, the largest national bank in Russia, from the SWIFT system and ban three Russian state-owned broadcasters. 

“[Russian broadcasters] will not be allowed to distribute their content anymore in the European Union, in whatever shape or form, be it on cable, via satellite, on the internet or via smartphone apps,” said European Commission president, Ursula von der Leyen. 

The EU Council President, Charles Michel, announced that EU leaders also agreed to provide Ukraine with a 9-billion-euro ($9.7 billion) tranche of assistance to support the war-torn country’s economy. It was unclear whether the money would come in grants or loans. 

 

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