EU: Embargo Will Cut 90% of Russia Oil Exports

Latest round of sanctions will also make Russian oil shipments hard to insure
By Newser Editors and Wire Services
Posted Jun 3, 2022 5:54 AM CDT
EU: Embargo Will Cut 90% of Russia Oil Exports
German Chancellor Olaf Scholz, right, welcomes Ukrainian Parliament Speaker Ruslan Stefanchuk, left, for a meeting at the chancellery in Berlin, Germany, Friday, June 3, 2022.   (Michael Kappeler/dpa via AP)

The European Union on Friday formally approved an embargo on Russian oil and other sanctions targeting major banks and broadcasters over Moscow’s war on Ukraine. EU headquarters says Russian crude oil will be phased out over six months, and other refined petroleum products over eight months, the AP reports. It says that "a temporary exception is foreseen" for landlocked countries—like Hungary, the Czech Republic, and Slovakia—that "suffer from a specific dependence on Russian supplies and have no viable alternative options." Bulgaria and Croatia will also get "temporary derogations" for certain kinds of oil.

EU leaders say the move means that around 90% of Russia’s oil exports to Europe will be blocked by year’s end. The EU imports around 25% of its oil from Russia. Russia’s biggest bank, Sberbank, plus Credit Bank of Moscow, Russian Agriculture Bank, and the Belarusian Bank for Development and Reconstruction, have also been blocked from using the SWIFT system for international bank transfers. Broadcasters Rossiya RTR/RTR Planeta, Rossiya 24/Russia 24, and TV Centre International have been hit over allegations that they are being used by Moscow "to manipulate information and promote disinformation about the invasion of Ukraine."

The package is the sixth round of sanctions the EU has placed on Russia since the invasion of Ukraine 100 days ago. It also bars insurers from covering shipments of Russian oil, which could thwart Russia's efforts to sell more of its oil to Asia, the Wall Street Journal notes. EU officials say sanctions on Russian natural gas aren't currently being considered. The sanctions package also targets individuals including Alina Kabaeva, the retired Olympic gymnast known as Russia's "secret first lady." (More Russia-Ukraine war stories.)

Get the news faster.
Tap to install our app.
Install the Newser News app
in two easy steps:
1. Tap in your navigation bar.
2. Tap to Add to Home Screen.