The President of the European Commission on Wednesday proposed the establishment of a gradual embargo on Russian oil, the exclusion of three Russian banks from the Swift platform, as well as measures against military officers and public media.
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‘Putin must pay a heavy price for his brutal aggression’. European Commission President Ursula von der Leyen presented the sixth package of European sanctions against Moscow, in response to the Russian invasion of Ukraine, duringa speech in front of the European ParliamentWednesday, May 4.
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The main measure proposed by the Commission: a gradual embargo on Russian oil. “We will phase out Russian deliveries of crude oil within six months and of refined products by the end of the year”said the president. “Let’s be clear: it will not be easy”she added on Twitterin reference to the risk of rising energy prices and the difficulty of finding new suppliers.
A derogation is proposed to countries “highly dependent”such as Slovakia or Hungary, to allow them to continue their purchases from Russia until the end of 2023, two European officials told AFP. But Budapest quickly lamented that no “guarantee” for its energy security is provided.
Among other sanctions, Ursula von der Leyen notably announced the exclusion from the Swift payment platform of three Russian banks, including the country’s largest, Sberbank. Also targeted are Russian military officers suspected of war crimes in Boutcha, a Ukrainian town where several hundred civilians were executed, as well as Patriarch Kirill, head of the Russian Orthodox Church and open supporter of the war. The proposal was sent overnight from Tuesday to Wednesday to the member states, which still have to approve it unanimously.
Three Russian public media, “who aggressively amplify Putin’s lies and propaganda”, will also be excluded from the European airwaves. Finally, Ursula von der Leyen proposed that the EU “begins to work on an ambitious recovery plan for our Ukrainian friends.” She clarified that “this plan should bring massive investments”because “so much needs to be rebuilt”.