Europe announces ban on Russian oil imports

The EU Commissioner for Energy has said paying in roubles is a “violation” of the sanctions

Big Zero Report 2022

Europe is reportedly preparing to propose oil sanctions against Russia.

Reports claim that a ban on Russian oil imports could be introduced by the end of the year.

Yesterday, the European Commission held an Extraordinary Energy Council meeting to discuss the diversification of energy supplies amid Russia’s attack on Ukraine.

Kadri Simson, EU Commissioner for Energy, said: “Many European energy companies are due to make their next payment to Gazprom in mid-May and are trying to understand better what they should do.

“We need to give them the clarity that paying in roubles through the conversion mechanism managed by the Russian public authorities and a second dedicated account in Gazprombank is a violation of the sanctions and cannot be accepted.”

Ms Simson, Estonia’s former Energy Minister, had previously tweeted: “Today’s EU energy ministers extraordinary meeting show solidarity with Poland and Bulgaria.

“We are united and will not be blackmailed by Russia. Working together for EU energy security.”

Earlier today, Ursula von der Leyen confirmed a ban on Russian oil.

The President of the European Commission said: “Finally, we now propose a ban on Russian oil.

“Let’s be clear it will not be easy. But we simply have to work on it.

“We will make sure that we phase out Russian oil in an orderly fashion. To maximise pressure on Russia, while minimising the impact on our economies.”

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