EU proposes a plan to completely embargo Russian oil

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 The European Commission proposed a complete embargo on Russian oil, and has fined the country's major banks and banned some Russian media outlets.



"Today, we will propose a complete embargo of Russian oil into Europe. This will be a complete ban on imports of Russian oil," said European Commission President Ursula von der Leyen. spoke before the European Parliament on May 4 when proposing a sixth package of sanctions against Russia.


According to this proposal, within 6 months, Europe will gradually stop importing Russian oil, stop buying Russian oil products before the end of 2022. Ms. Leyen pledged, if the draft is approved, the bloc will act to minimize the impact on the EU's economies.


"We are solving the problem of dependence on Russian oil. It is important to understand that this is not easy because some member states are too dependent on Russian oil, but we must act." , Ms. Leyen said. The EU may also freeze the assets of some Russian military officials, she added.


In addition, the draft also proposes to remove some major Russian banks from the SWIFT international payment system in an effort to "isolate Russia from the global financial system".


These are proposals put forward by the European Commission and still need a vote of 27 member states.


Analyst Simone Tagliapietra said that the EU's plan to embargo Russia's oil is a "risky gamble" because in the short term it will have a negative impact on the European economy in particular and the global economy. generally due to rising energy prices. "That's not to mention the risk that Russia responds by cutting off natural gas supplies," emphasized Mr. Simone.

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