EU countries have long argued about a ban on the import of Russian oil – and now the package has been passed. The largest bank in Moscow will also be excluded from the international network.
The 27 member states of the European Union have decided the sixth package of sanctions against Russia. This was announced by the European Union countries on Friday. The sanctions package includes a far-reaching oil embargo on Russia. In addition, among other things, the largest Russian bank, Sberbank, will be excluded from the Swift financial communications network and many Russian news channels will be banned in the European Union. Following the official decision, the sanctions are scheduled to be published in the Official Journal of the European Union on Friday. Then they are in force.
A particularly relevant economic boycott against oil shipments from Russia aims to prevent oil from entering the European Union by sea next year. Only Hungary, Slovakia and the Czech Republic are allowed to import Russian oil through the Druzhba pipeline due to their high level of dependence.
Hundreds of millions of euros less for Moscow
According to Commission President Ursula von der Leyen, the EU will buy about 90 percent less oil from Russia by the end of the year, although pipeline deliveries are excluded. According to estimates by the European Union Research Center Bruegel, until recently, EU countries spent about 450 million euros per day on oil from Russia and 400 million euros on gas from Russia.