5/4/2022, 8:59 AM (Source: TeleTrader)
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EU to target Russian oil in new sanctions package

European Commission President Ursula von der Leyen said on Wednesday, addressing the European Parliament, that the latest proposal on the sanctions package against Russia aims to "phase out Russian supply of crude oil within 6 months and refined products by the end of the year [in the EU]."

"This will be a complete import ban on all Russian oil, seaborne and pipeline, crude and refined. It won't be easy, because some Member States are strongly dependent, but we simply have to do it," shared Von der Leyen. The Commission president further stated that the EU "finally deSWIFT Sberbank" and will "deSWIFT other two major banks" in Russia in order to hit the latter's financial sector.

Von der Leyen underscored that these actions will deprive the "Russian economy from its ability to diversify and to modernize." She also asserted that the EU is " listing high-ranking military officers and other individuals who committed war crimes in Bucha. We know who you are. And you will be held accountable."

Baha Breaking News (BBN) / AY