the European Union considers an embargo on Russian oil

After coal, Europe is tackling Russian oil on Wednesday 4 May. In Brussels (Belgium), Ursula von der Leyen, President of the European Commission, made a strong announcement. “We will phase out Russian deliveries of crude oil within six months and of refined products by the end of the year”, she says. This gradual embargo on Russian oil has already been rejected by Hungary. The European Union promises a derogation for Hungary but also Slovakia, both landlocked and dependent on Russian oil. Brussels explains that they will be able to continue buying from Russia for a while.

Ukraine denounces the States which could oppose this embargo. The sixth sanctions package also targets several Russian banks and oligarchs, as well as Patriarch Kirill, head of the Orthodox Church and supporter of Vladimir Putin. If adopted, the measures provide for 58 Russian military and oligarchs to be banned from European territory and their assets frozen. The decision is expected by the end of the week.