The European Union has proposed some of the strongest penalties against Russia yet, including a total embargo on oil imports and sanctions against suspected war criminals. The package, according to European Commission President Ursula von der Leyen, is designed to increase pressure on Russia while minimizing harm to Europe. She stated that Russian crude oil would be phased out in six months.
The proposal has been rejected by Hungary, and the Czech and Slovak governments demand a transition time. For weeks, the EU has been pondering how to wean itself off Russian oil and gas. It has already agreed to cut gas imports in half by the end of 2022, and it now plans to phase out crude oil and processed commodities over the next six months.”
We will ensure that we phase out Russian oil in a systematic manner,” stated the Commission’s president. The package must first be authorized by EU ambassadors, and it is expected to be accepted in the next few days.
In its current shape, however, Hungarian government spokesman Zoltan Kovacs warned his country will veto it: “They exactly know that what they are proposing is against Hungarian interests… and if we do that, we will absolutely devastate the Hungarian economy.
“Slovakia and Hungary currently rely on Russian oil and would be given until the end of 2023 to find alternative suppliers under the initial proposal. Slovakia’s finance minister stated that his country desired a three-year transition time, and Czech Prime Minister Petr Fiala stated that he would seek a two-to-three-year exemption to address pipeline capacity issues.
Russia Imports European Union’s Half of Oil
Russia contributed a quarter of the EU’s oil imports last year, with the Netherlands and Germany being the main buyers. The Dutch government has stated that all Russian fossil fuel imports will be stopped by the end of the year, and Germany has cut its dependency on Russian oil imports from 35% to 12%.
The United Kingdom, which is no longer a member of the European Union, is already phasing out Russian oil, which accounts for 8% of its imports. Dmitry Peskov, a spokesman for the Kremlin, said Moscow was considering a number of steps in response to the proposed embargo.
Sanctions were a two-edged sword for Europeans and others, as the cost of living in Europe was rising every day. ‘We want Ukraine to win,’ said the group. The Commission’s president also detailed efforts to assist Ukraine in dealing with the war’s massive costs and economic impact.
She said Ukraine needed to support the severe drop in its economic output and wider reconstruction as part of Europe’s “very particular obligation. “She stated that a recovery package would be drafted to address the Ukrainian economy’s shortcomings and aid in the battle against corruption.
“We want Ukraine to win this war, but we also want to create the circumstances for Ukraine’s post-war success. “In a separate measure, the EU pledged to boost military help to Moldova, which is threatened by Russian troops stationed in the separatist Moldovan territory of Transnistria.
In Chisinau, European Council President Charles Michel informed Moldova’s pro-EU president, Maia Sandu, that “we will continue to expand our partnership with you to move your country closer to the EU.”