EU leaders say the move means about 90% of Russia’s oil exports to Europe will be blocked by the end of the year.
Highlight
- The European Union formally approved a ban on Russian oil, other sanctions targeting major banks and broadcasters
- Russian crude to be exhausted in 6 months, other refined petroleum products in 8 months: EU
- The European Union imports about 25% of its oil from Russia.
The European Union on Friday formally approved sanctions on Russian oil and other sanctions targeting major banks and broadcasters over Moscow’s war on Ukraine.
The European Union’s headquarters says Russian crude oil will be exhausted in six months and other refined petroleum products in eight months.
It says that “a temporary exception is foreseen” for landlocked countries such as Hungary, the Czech Republic and Slovakia – that “the Russians suffer from a conspicuous reliance on supplies and have no viable alternative option.”
Bulgaria and Croatia will also receive a “temporary reprieve” for certain types of oil. EU leaders say the move means about 90% of Russia’s oil exports to Europe will be blocked by the end of the year. The European Union imports about 25% of its oil from Russia.
Russia’s largest bank, Sberbank, Plus Credit Bank of Moscow, Russian Agricultural Bank and Belarusian Bank for Development and Reconstruction, have also been barred from using the SWIFT system for international bank transfers.
Broadcasters Rossiya RTR / RTR Planeta, Rossiya 24 / Russia 24 and TV Center International have been accused of being used by Moscow to “manipulate information about the invasion of Ukraine and promote propaganda.”
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