Energy

EU proposes gradual ban on Russian oil in sanctions against Moscow

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The European Commission, the executive arm of the EU, on Wednesday put forward new sanctions against the Kremlin which will include a six-month phase out of Russian crude imports.

Russia’s unprovoked invasion of Ukraine, and evidence of war crimes, has pushed the EU to take bolder steps on energy sanctions. But imposing measures that could reduce, or fully cut, Russian energy supplies to the EU have been a complicated task for the bloc.

This is because the region is reliant on Russia for several sources of energy, including oil. In 2020, Russian oil imports accounted for about 25% of the bloc’s crude purchases, according to the region’s statistics office.

“Let us be clear: it will not be…



Source cnbc.com

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