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The Fee’s measures embody phasing out provides of Russian crude oil inside six months and refined merchandise by the top of 2022, von der Leyen stated. She pledged to minimise the influence on European economies.
The value of Brent crude rose 2 % to $107,11 at round 0900 CET, up 37.5 % for the reason that begin of yr.
“We’re addressing our dependency on Russian oil. And let’s be clear, it won’t be simple as a result of some member states are strongly depending on Russian oil, however we merely should do it,” she stated.
“(Russian President Vladimir)Putin should pay a worth, a excessive worth, for his brutal aggression,” she stated.
In addition to oil, the newest spherical of sanctions will hit Sberbank, Russia’s prime lender, in addition to three different banks, including it to a number of banks which have already been excluded from the SWIFT messaging system.
“We de-SWIFT Sberbank – by far Russia’s largest financial institution, and two different main banks. By that, we hit banks which are systemically essential to the Russian monetary system and Putin’s capability to wage destruction,” von der Leyen stated.
“This can solidify the entire isolation of the Russian monetary sector from the worldwide system,” she stated.
Von der Leyen stated extra high-ranking Russian army officers would face EU asset freezes and journey bans, with out giving names. “You aren’t getting away with this,” she stated, referring to the Kremlin.
The proposals by the Fee now have to go to the 27 member states for approval. Diplomats stated there was more likely to be an extended interval granted to Hungary and Slovakia to cease oil imports as they’re so closely depending on Russian vitality.
Simone Tagliapietra of the Bruegel suppose tank stated the EU’s gradual embargo on Russian oil was “a dangerous wager”
“Within the brief time period it’d go away Russian revenues excessive whereas implying damaging penalties for the EU and world economic system when it comes to greater costs,” he stated. “To not speak about retaliation dangers on pure gasoline provides.”
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