May 1, 2022

Bloomberg called the possible timing of the EU’s refusal of Russian oil

By Azlyrics

The sixth package of sanctions against Russia may include a plan to phase out Russian oil by the end of 2022. To do this, the proposal must be approved by all EU countries, including Hungary, which opposed such a measure

The European Union intends to propose a complete phase-out of Russian oil by the end of the year with a gradual decrease in imports by this time, Bloomberg writes, citing sources. The interlocutors of the agency added that Brussels will seek to disconnect new Russian banks, including Sberbank, from the SWIFT international payment system.

In addition to these measures, restrictions on the operation of cloud services and the purchase of real estate may be included in the sixth package of anti-Russian sanctions. Military and businessmen can be added to the lists of individual restrictions.

Some countries insist on tightening restrictions on maritime trade, the sources noted.

A decision on new sanctions could be made as early as next week at a meeting of EU ambassadors. The contents of the package may change by the time it is officially announced, Bloomberg interlocutors added.

Sanctions must be approved by all 27 EU countries. At the same time, the Hungarian authorities have previously stated that Budapest will not join the sanctions against Russian oil and gas.

The New York wrote about EU plans next week to approve a phased embargo on Russian oil Times.

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Politico previously reported that sanctions under the sixth package could include a “certain ban” on the import of Russian oil and the exclusion of several Russian banks from SWIFT.

Bloomberg wrote about Germany's readiness to consider sanctions against Sberbank, although Berlin had previously opposed tough restrictions against it: the authorities feared that these sanctions would interfere with financial transactions related to energy. Recently, Germany has found alternative suppliers and is now preparing to support the phase-out of Russian oil, the agency’s interlocutors said.

The Russian authorities have repeatedly called EU sanctions illegal and warned that in the event of a phase-out of Russian oil and gas, the West will have to face with a sharp rise in prices.

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