EU Commission Proposes 6th Sanctions Including Gradual Ban on Russian Oil

[Image source=Yonhap News]

[Asia Economy Reporter Kim Hye-min] Ursula von der Leyen, President of the European Union (EU) Commission, proposed the EU's sixth round of sanctions against Russia on the 4th (local time), focusing on the suspension of imports of Russian crude oil and petroleum products.

According to foreign media, President von der Leyen stated at the European Parliament in Strasbourg, France, on the same day, "We will gradually phase out Russian crude oil supplies within six months and progressively halt supplies of Russian refined petroleum products by the end of this year." She added, "This will constitute a complete ban on all Russian oil imports," calling for phased embargo sanctions.

She acknowledged, "Some member states are heavily dependent on Russian oil, so it will not be easy," but added, "We must strive for it." In fact, Hungary and Slovakia are expected to receive exemptions from the sanctions to continue importing Russian crude oil under existing contracts until the end of 2023.

If this sanction is finally approved, it will be the EU's second sanction following the coal import ban on the 8th of last month. The EU has also begun discussions on the possibility of banning Russian natural gas imports.

On the same day, President von der Leyen proposed blocking Russia's largest bank, Sberbank, along with two other major banks, from the Society for Worldwide Interbank Financial Telecommunication (SWIFT) payment network. She also announced that three major Russian state-owned broadcasters would be banned from broadcasting within the EU, and senior Russian military officers would be added to the list of sanctions targets. A proposal to sanction the head of the Russian Orthodox Church was also made.

For this proposal by the EU Commission to take effect, approval from all 27 member states is required.

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