EU leaders have agreed to impose an oil embargo on Russia after weeks of debate. EU Commission President Ursula von der Leyen and EU Council President Charles Michel announced the reconciliation reached by the leaders of the EU member states who came together in Brussels until late at night. Von der Leyen said in a statement on his Twitter account that with the agreement, oil imports from Russia to the EU will be reduced by about 90 percent by the end of this year. Von der Leyen said, “I am happy that the EU heads of state and government were able to agree in principle on the sixth package of sanctions. “This will effectively reduce oil imports from Russia to the EU by around 90 percent by the end of the year,” he said.
In a statement on his Twitter account, European Council President Charles Michel stated that EU leaders agreed on the sixth package of sanctions against Russia and that oil imports from Russia would decrease by two thirds.
With this compromise, the EU plans to stop oil imports only by sea. Imports from Russia via the oil pipeline will continue. The EU supplies two-thirds of its oil imports from Russia by sea and one-third by pipeline. The northern part of the Druzhba pipeline supplies Poland and Germany, and the southern part supplies Russian oil to Hungary, the Czech Republic and Slovakia. The southern part of Druzhba is planned to ship 10 percent oil to Europe. Because Germany and Poland had previously announced that they would not benefit from the privilege of importing oil from the said pipeline.
Hungary underlined its dependence on Russian oil for weeks before the leaders agreed and prevented the oil embargo. Hungarian Prime Minister Viktor Orbanpetrol stated that in case of a possible attack on the pipeline, oil shipments to Hungary may not be possible and asked for assurances in this regard. Hungary is also requesting financial assistance from the EU to transform its oil infrastructure. Prime Minister Orban announced this cost as 550 million euros and stated that 200 million euros should be allocated to investments as well.
The EU Commission had planned to phase out the supply of crude oil from Russia within six months and the supply of refined products within eight months in the sixth sanction package it had previously prepared. It was envisaged that Hungary and Slovakia would be given 20 months.
According to the data of EU think tank Bruegel, EU countries buy 450 million euros worth of oil and 400 million euros natural gas from Russia per day.
Sherbank is being removed from SWIFT
EU leaders agreed to remove Sberbank, one of Russia’s largest banks, from SWIFT, the money transfer system, in addition to the oil embargo in the sixth package of sanctions against Russia. In addition, Russian state televisions Rossija 24 and RTR Planeta and TV Center will also be banned in EU countries.
Financial aid to Ukraine will continue
EU leaders agreed to continue financial aid to Ukraine alongside sanctions against Russia. Accordingly, the EU plans to help Ukraine up to 9 billion euros by the end of this year. With this financial aid, it is planned to pay the salaries of pensioners and to keep the hospitals standing in Ukraine.
EU leaders will discuss the EU Commission’s proposals for a rapid end to energy dependence on Russia on the second and last day of the summit, which will be held today. Leaders will also address challenges in the global food supply. The UN warns that the problem of hunger in the world will become more serious due to the Ukraine War. Ukraine, one of the most important grain producing countries in the world, had to stop exporting due to the war.
DW, dpa, rtr / HT,BÖ