EU Likely to Ban Russian Crude Oil Imports by the End of This Year

Plan to Include Russian Crude Oil in 6th Sanctions Measures... Agreement Expected at EU Ambassadors' Meeting as Early as the 4th

[Image source=Yonhap News]

[Asia Economy Reporter Park Byung-hee] Major foreign media outlets reported on the 1st (local time), citing diplomatic sources, that the European Union (EU) is reaching a consensus to halt imports of Russian crude oil by the end of this year.

Sources explained that the EU Commission and member states discussed the 6th round of sanctions against Russia over the weekend, with Russian crude oil being targeted for sanctions. There is also speculation that an agreement on the 6th sanctions package could be reached at the EU ambassadors' meeting scheduled as early as the 4th. Specific discussions regarding crude oil sanctions are expected to take place at the EU Energy Ministers' meeting in Brussels on the 2nd.

Above all, Germany has expressed support for sanctions on Russian crude oil, increasing the likelihood of reaching an agreement on the 6th sanctions package. The German Ministry of Economic Affairs released an energy security report on the same day, stating that dependence on Russian crude oil could end before the end of this summer. Robert Habeck, Germany’s Vice Chancellor and Minister for Economic Affairs, emphasized that Germany has already reduced its reliance on Russian natural gas, oil, and coal to 35%, 12%, and 8%, respectively. This marks a significant reduction compared to the period before the Ukraine war, when Germany’s imports of Russian natural gas exceeded 50%.

Germany, which has advocated for a phased ban on Russian energy imports, appears to plan to first halt crude oil imports, which carry a lower burden. Germany has already agreed to the EU’s plan to ban Russian coal imports starting in August.

In an interview with public broadcaster ZDF on the 28th of last month, Minister Habeck stated, "Germany will not obstruct the ban on Russian oil."

EU officials also revealed that many member states, in addition to Germany, could stop using Russian crude oil by the end of this year. However, some countries expressed concerns about the impact on oil prices. Austria, Hungary, Italy, and Slovakia are reported to have shown reservations regarding crude oil sanctions.

The EU plans to add individuals and institutions from Russia and Belarus to the 6th sanctions list. Officials noted that Sberbank, which has already been sanctioned by the United States and the United Kingdom, will be added to the EU’s sanctions list.

This content was produced with the assistance of AI translation services.