Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

EU chief proposes Russian oil ban over war in Ukraine

Published 05/04/2022, 03:05 AM
Updated 05/04/2022, 05:01 AM
© Reuters. FILE PHOTO: European Union flags flutter outside the European Commission headquarters in Brussels, Belgium, March 24, 2021. REUTERS/Yves Herman

© Reuters. FILE PHOTO: European Union flags flutter outside the European Commission headquarters in Brussels, Belgium, March 24, 2021. REUTERS/Yves Herman

STRASBOURG (Reuters) - European Union countries will stop importing Russian oil and refined products, the head of the bloc's executive European Commission said on Wednesday in proposing a sixth round of sanctions against Moscow for waging a war on Ukraine.

© Reuters. A general view shows the oil refinery of the Lukoil company in Volgograd, Russia April 22, 2022. Picture taken April 22, 2022. Picture taken with a drone. REUTERS/REUTERS PHOTOGRAPHER

"We will phase out Russian supply of crude oil within six months and refined products by the end of the year," Ursula von der Leyen told the European Parliament, prompting applause from lawmakers. "This will be a complete import ban on all Russian oil, seaborne and pipeline, crude and refined."

"It will not be easy. Some member states are strongly dependent on Russian oil. But we simply have to work on it," von der Leyen said of the proposal, which requires approval from all 27 EU countires to take effect.

Latest comments

Finally EURO will suffer with all this sanctions.
Lets go
Each day may ,might , might not , probably , seemingly……are the words of EU contagion nothing straight and will be the biggest buyers from Russia but blame India buying
ultimately crude price will be high ..Russia will sell crude higher price evenafter discount....total oil supply is not going change but some countries like srilanka , Nepal Pakistan will struggle to survive.Eurooe US has deceived Ukrain.
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.