In the most significant effort yet to punish Russia for its war in Ukraine, the EU agreed to ban the overwhelming majority of Russian oil imports after tense negotiations that exposed the cracks in the bloc’s unity.
From the moment that Russia invaded on Feb. 24, the West has sought to hit Moscow’s lucrative energy sector to cut off funding for its war.
However, any such move is a double-edged sword, especially in Europe, which relies on the country for 25 percent of its oil and 40 percent of its natural gas. European countries that are even more heavily dependent on Russia have been especially reluctant to act.
Photo: AFP
In a move unthinkable just months ago, EU leaders late on Monday agreed to cut about 90 percent of all Russian oil imports over the next six months.
Belgian Prime Minister Alexander de Croo called the embargo a “big step forward,” while Irish Prime Minister Micheal Martin hailed it as “a watershed moment.”
However, the two leaders cautioned that Europe would need time to adjust to the impact — and any further bans on Russian energy would come slowly.
In response to the EU’s decision, Mikhail Ulyanov, Russia’s permanent representative to international organizations in Vienna, wrote on Twitter: “Russia will find other importers.”
Russia has also not shied away from withholding its energy supplies, despite the economic damage it could suffer as a result.
Yesterday, Russian energy giant Gazprom said it would cut natural gas supplies to Dutch trader GasTerra.
It is considering cutting off Denmark, while it has shut off supplies to Bulgaria, Poland and Finland.
GasTerra said the move was announced after it refused Gazprom’s “one-sided payment requirements.”
That is a reference to Russian President Vladimir Putin’s demand that European nations pay for gas in rubles — an arrangement many have refused.
Talks at the EU’s headquarters in Brussels yesterday were to focus on ways to end the trading bloc’s dependence on Russian energy, by diversifying supplies and speeding up the transition to renewable sources.
Leaders were also expected to discuss how to help Ukraine export millions of tonnes of grain trapped inside the country as a global food crisis grows.
EU leaders plan to call on Russia to halt its attacks on transport infrastructure in Ukraine and lift its blockade of Black Sea ports so that food can be shipped.
The EU oil embargo was tied up in a new package of sanctions that would also target Russia’s biggest bank and state media outlets accused of spreading propaganda.
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