The President of European Commission announced the sixth package of sanctions on Russia for invading Ukraine, asking Member States to phase out imports of crude oil within 6 months
The President of European Commission – Ursula von der Leyen today, i.e., Wednesday, May 4, 2022, announced the sixth package of sanctions on Russia for invading Ukraine, asking Member States to phase out imports of crude oil within 6 months and refined products by the end of 2022.
She also proposed to disconnect 3 major Russian banks from SWIFT, a global financial messaging service. This also includes Russia’s largest bank – Sberbank, which accounts for about 37% of the Russian banking sector. Besides, she also announced a ban on 3 State-owned broadcasters.
Speaking on the occasion, she said, “Putin must pay a price, a high price, for his brutal aggression. We will make sure that we phase out Russian oil in an orderly fashion, in a way that allows us and our partners to secure alternative supply routes and minimises the impact on global markets.”
Taking it to twitter, she tweeted,
Finally, we now propose a ban on Russian oil.
— Ursula von der Leyen (@vonderleyen) May 4, 2022
Let´s be clear: it will not be easy.
But we simply have to work on it.
We will make sure that we phase out Russian oil in an orderly fashion.
To maximise pressure on Russia, while minimizing the impact on our economies pic.twitter.com/fH2wuKN5t2
She further tweeted,
Second, we de-swift Sberbank – by far Russia’s largest bank – and two other major banks.
— Ursula von der Leyen (@vonderleyen) May 4, 2022
Third, we are banning three big Russian state-owned broadcasters from our airwaves, that amplify Putin´s lies and propaganda aggressively. pic.twitter.com/P556IGXFIl
The proposals need to be unanimously approved to take effect and is likely to be the subject of fierce debate. It will not be easy for all the Member States to agree to it as a lot of depend rely on Russian energy supplies. If approved, it will be the second package of European Union (E.U.) sanctions targeting Russia’s lucrative energy industry. Slovakia and Hungary have already said they will not support sanctions against Russian energy as they are too reliant on those supplies and there are no immediate alternatives.
Separately, the E.U. has started discussions on a possible natural gas embargo, but consensus on targeting the fuel used to generate electricity and heat homes will be more difficult to secure.
Ursula also said that E.U. should target high-ranking military officers and others who committed war crimes in Bucha, a suburb of the capital Kyiv. Ukrainian officials allege that retreating Russian troops carried out mass killings of civilians in Bucha, which Russia denies. The European Commission has also proposed to sanction the Head of Russian Orthodox Church – Patriarch Kirill for backing the Ukraine invasion.
In addition, the banned broadcasters would not be allowed to distribute their content any more in the E.U., in whatever shape or form be it on cable, via satellite, on the internet or via smartphone apps.
