EU Proposes Ban on Russian Oil, Bank Sanctions – By Chris Hannas (VOA News) / May 4, 2022
European Commission President Ursula von der Leyen unveiled a new package of sanctions that includes a ban on all Russian oil, with crude oil imports stopping within six months and imports of refined products by the end of the year.
The package must be unanimously approved by EU members.
“Let’s be clear, it will not be easy because some member states are strongly dependent on Russian oil, but we simply have to do it,” von der Leyen told the European Parliament.
She said the phased approach would allow for EU members to find alternatives to Russian imports and blunt negative effects on the global energy markets, helping to maximize pressure on Russia while minimizing collateral economic damage.
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