EU Commission President Ursula Von der Leyen revealed on Wednesday that the union would be imposing a gradual ban on Russian oil, as punishment for the invasion of Ukraine.
The EU chief said during a parliamentary meeting in Strasbourg that they will make sure that Russian oil is phased out in an orderly fashion.
‘This is why we will phase out Russian supply of crude oil within six months and refined products by the end of the year’ she said. However, the proposal asked that Hungary and Slovakia, both massively dependent on the oil, be given more time to meet the ban.
Ambassadors from the 27 European Union countries will be meeting on Wednesday to assess the plan as it will need unanimous approval before going into effect.
Leyen also revealed that the EU will be asking that the member states deny Sberbank, which is Russia’s biggest bank, any access to SWIFT, the global banking communications system. This would impede the Russian financial system and Putin’s ability to continue the destruction.
The draft of the proposal is also seeking to add the leader of the Russian Orthodox Church, Patriarch Kirill, to the list of sanctioned individuals in the package. The list includes 58 people, consisting of the family of Kremlin spokesperson Dmitry Peskov.
Apart from this, the list would add military officers who committed war crimes in Bucha and Mariupol. ‘This sends another important signal to all perpetrators of the Kremlin’s war: We know who you are and you will be held accountable’ she said.
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