European leaders managed to find an agreement late in the night from Monday to Tuesday on a new set of sanctions vis-à-vis Russia because of the war in Ukraine. This agreement must in particular allow the establishment of an embargo on Russian oil.
It is a very important compromise which was concluded Monday evening in Brussels, indicates Valerie Gas, political service journalist. The Heads of State and Government of the countries of the European Union negotiated for several hours and it was in the middle of the night that the white smoke came out of this conclave of political leaders with a long-awaited announcement: an agreement for end about 90% of oil imports from Russia by the end of the year.
Hungary obtains its guarantees
The text signed concerns the immediate cessation of two thirds of imports arriving by sea. To which is added the commitment of the Germans and the Poles to stop their land supply by the beginning of 2023. Then, the reluctance of Hungary, which is very dependent on Russian oil, ended up being lifted. Arriving at the summit, Hungarian Prime Minister Viktor Orban had demanded assurances in the event of a cut in the Druzhba pipeline which supplies his country via Ukraine. He demanded that his country be able to be supplied with Russian oil by sea if the arrival by pipeline were to be stopped. “ This is the guarantee we need “, had launched Mr. Orban. Hungary, a landlocked country without access to the sea, depends for 65% of its consumption on oil transported by Druzhba.
Budapest has therefore obtained a deadline and guarantees on its supply to agree to sign and allow the adoption of the new package of sanctions against Russia.
This embargo on crude oil within six months and refined products within eight months is the flagship measure but also the thorniest of the sixth package of sanctions against Moscow. ” This will cut off a huge source of funding from Russia’s war machine. “tweeted the President of the European Council, Charles Michel.
Agreement to ban export of Russian oil to the EU.
This immediately covers more than 2/3 of oil imports from Russia, cutting a huge source of financing for its war machine.
Maximum pressure on Russia to end the war.
— Charles Michel (@eucopresident) May 30, 2022
Nine billion euros in loans to Ukraine
Other sanctions will be put in place. The first Russian bank, Sberbank, will for example be removed from the Swift system through which payment orders between banks pass. Three Russian television channels will also be banned and measures against individuals involved in the war will be taken. The sixth sanctions package also provides for an expansion of the EU blacklist to around 60 personalities, including the head of the Russian Orthodox Church, Patriarch Kirill.
The leaders also approved the granting of nine billion euros to the Ukrainian government to cover its immediate cash needs to run its economy. kyiv has quantified its needs at five billion dollars per month. European funding will take the form of “ long-term loans “With subsidized interest rates, a European source said.
The two-day summit must also address on Tuesday the continent’s energy transition to do without Russian gas and the food crisis linked to the war in Ukraine which threatens the African continent in particular.
The stated objective of France in particular is to force Russia to reassess the cost of war “. This agreement is in line with what Ukrainian President Volodymyr Zelensky called for on Monday afternoon in a video message to European leaders in which he called on Europe to ” show his strength to Russia.
By agreeing on these new sanctions, Europe has succeeded in overcoming its divisions to show its solidarity with Ukraine.