Amidst the ongoing conflict in Ukraine, the European Union has proposed imposing stricter sanctions on Russia. The latest proposal includes a full ban on all Russian energy imports, and the exclusion of Russia’s largest bank, Sberbank, from the SWIFT network.
In a recent address, European Commission President Ursula von der Leyen stated, “We are suggesting a ban on Russian oil. Implementing this won’t be easy, but it is necessary. We will ensure a gradual phase-out of Russian oil imports to exert pressure on Russia, while minimizing the impact on our economies.”
Should this proposal be approved, the ban on crude oil imports from Russia would be phased out over six months, followed by a complete prohibition on refined oil products by the end of 2022. While many EU countries support this initiative and have already halted Russian coal imports, others such as Hungary and Slovakia have raised concerns about the potential negative effects on their energy sectors.
Hungarian government spokesman Zoltan Kovacs expressed doubts, stating, “There are no clear plans or assurances on how the transition would be managed under the current proposals, and how Hungary’s energy security would be safeguarded.”
Breaking News: The EU proposed a total ban on Russian oil, its biggest step toward supporting Ukraine and reducing reliance on Russia.
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Various Western nations and alliances are intensifying efforts to isolate Russia economically, making it increasingly challenging for President Putin to sustain the conflict in Ukraine and maintain the economic stability of his country.
