Brussels proposes to stop Russian oil imports by the end of the year
Ursula von der Leyen, the president of the European Commission, has today unveiled a proposal to impose an EU-wide ban on Russian oil imports, one of Moscow's main sources of revenue.
The embargo will be structured and gradual, giving member states up to six months to phase out purchases of Russian crude and until the end of the year to stop buying all sorts of refined oil products.
The ban will apply to all Russian oil traded both via ports and pipelines.
"Let us be clear: it will not be easy. Some member states are strongly dependent on Russian oil. But we simply have to work on it," said von der Leyen while speaking before the European Parliament on Wednesday morning.
"We maximise pressure on Russia, while at the same time minimising collateral damage to us and our partners around the globe. Because to help Ukraine, our own economy has to remain strong."
Part of the sixth package of EU sanctions, the oil embargo represents the most impactful penalty the bloc has imposed on Russia since the start of the Ukraine war on 24 February and has the potential to deprive the Kremlin of one of its most reliable sources of income.
The radical measure threatens to further destabilise the whole European economy, which has already entered a period of deceleration and record-breaking inflation as a result of the conflict.
The European Union is Russia's top oil client, buying around 3.5 million barrels of crude and refined products on a daily basis. Last year, the bloc spent more than €73 billion on Russian oil, the greatest expenditure on fossil fuels by a large margin.
Von der Leyen's announcement follows days of intense behind-the-scenes diplomacy between the executive and representatives of member states, some of whom remain uneasy about
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