A delicate balancing act
The on-going conflict in Ukraine has sent shockwaves through global energy markets, impacting everything from international relations to commodity prices.
The EU leaders, on the first day of the summit in Brussels, agreed to ban “more than 2/3rd” of Russian oil imports, European Council President Charles Michel said on Tuesday.
“Agreement to ban the export of Russian oil to the EU. This immediately covers more than 2/3 of oil imports from Russia, cutting a huge source of financing for its war machine. Maximum pressure on Russia to end the war,” Michel tweeted.
“This sanctions package includes other hard-hitting measures: de-Swifting the largest Russian bank Sberbank, banning 3 more Russian state-owned broadcasters, and sanctioning individuals responsible for war crimes in #Ukraine,” he added.
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European Commission President Ursula von der Leyen said the EU, after reaching an agreement on a partial ban on Russian oil, will cut oil imports from Russia by 90 per cent by the end of 2022.
“I welcome the EUCO agreement tonight on oil sanctions against Russia. This will effectively cut around 90 per cent of oil imports from Russia to the EU by the end of the year,” von der Leyen said on Twitter.
In another tweet, European Council President said EU leaders have expressed their readiness to additionally provide 9 billion euros (USD 9.7 billion) in assistance to Ukraine.
“EUCO will continue helping #Ukraine with its immediate liquidity needs, together with @G7. EUCO is ready to grant #Ukraine EUR 9 billion. Strong and concrete support to #Ukraine’s reconstruction,” Michel said.
Earlier, Michel said EU leaders, on the first day of the summit in Brussels, agreed on a partial ban on oil imports from Russia.
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