VdL Outlines New Russia Sanctions Incl. Phased Oil Ban Within A Year

Speaking at the European Parliament plenary session in Strasbourg, European Commission President Ursula von der Leyen outlines the Commission's proposed sixth round of sanctions against Russia, including an eventual embargo on the import of Russian refined and crude oil. Select comments from VdL's address below:

• "First, we are listing high-ranking military officers and other individuals who committed war crimes in Bucha and who are responsible for the inhuman siege of the city of Mariupol..."
• "Second, we de-SWIFT Sberbank – by far Russia's largest bank, and two other major banks... This will solidify the complete isolation of the Russian financial sector from the global system."
• "Third, we are banning three big Russian state-owned broadcasters from our airwaves. They will not be allowed to distribute their content anymore in the EU..."
• "Moreover, the Kremlin relies on accountants, consultants and spin-doctors from Europe. And this will now stop. We are banning those services from being provided to Russian companies."
• "We now propose a ban on Russian oil. This will be a complete import ban on all Russian oil, seaborne and pipeline, crude and refined. We will make sure that we phase out Russian oil in an orderly fashion, in a way that allows us and our partners to secure alternative supply routes and minimises the impact on global markets. This is why we will phase out Russian supply of crude oil within six months and refined products by the end of the year."

• Hungary and Slovakia have already signalled that they will not accept an immediate ban on Russian oil imports. The Hungarian Foreign Minsiter Peter Szijjarto stated that Budapest would not support any sanctions "that will make the transport of natural gas or oil from Russia to Hungary impossible." Slovakian Economy Minister Richard Sulik stated that it would take years for the country's sole refiner to link up with another source of crude oil.