EU formally approves embargo on Russia oil
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Brussels: If an official stamp of approval was what was missing in the European Union's response to the Russian invasion of Ukraine, that came on Friday. In the US and NATO-initiated embargo against Russia, the less than enthusiastic response from EU countries was attributed to European's dependence on Russian oil and the consequent inability to go whole hog with sanctions.
The European Union on Friday officially approved an embargo on Russian oil and other sanctions targeting major banks and broadcasters over Moscow's war on Ukraine.
According to EU headquarters, there will be a phase out period of six months during which Russian crude oil will cease to be bought by the EU countries. But other petroleum products will have a phase out period of eight months.
The statement from EU says that 'a temporary exception is foreseen' for landlocked countries like Hungary, the Czech Republic and Slovakia that siuffer 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. As per EU leaders, by year's end 90 per cent of Russia's oil exports to Europe will get blocked. 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.
On another level, 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.
