EU Proposes Gradual Import Ban on Russian Oil-President of the European Commission-Bloomberg

Von der Leyen, president of the European Commission, the executive branch of the European Union (EU), said the EU has proposed a gradual ban on Russian oil imports over the next six months.

“This will result in a total ban on the import of all Russian oil, whether by sea or pipeline, crude or refined oil,” he told the European Parliament. “We will ensure an orderly gradual elimination of Russian oil so that we and our partners can secure alternative supply routes and minimize their impact on the global market.”

He also said that the EU would propose to exclude multiple banks, including Sberbank, from the SWIFT International Payment Network.

The 27 EU member states will discuss these proposals on the 4th. It may be approved within the same day, and if implemented, it will be the sixth EU sanction.

Finally, we now propose a ban on Russian oil.

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

— Ursula von der Leyen (@vonderleyen) May 4, 2022

Original title:EU Plans ‘Orderly’ Russian Oil Phase-Out, Targets Sberbank (1)(excerpt)