Brussels, 1 June 2022 (TDI): The European Union Council imposed a new set of sanctions on Russia on Monday.
The European Union leaders decided to impose an embargo on most Russian imported oil into the region at a conference on aiding Ukraine with a long-delayed program of extra financial support by the end of the year.
The leaders met in the Europa building in Brussels to talk about Ukraine, energy, and food security and to renew their support for Ukraine.
Volodymyr Zelenskyy, the President of Ukraine, also attended the conference virtually.
Details of the decision:
The ban applies to Russian oil imported by sea, with a temporary exemption for pipeline imports. This measure was critical in bringing landlocked Hungary on board a decision that required agreement.
According to EU Council President Charles Michel, the accord covers more than two-thirds of Russia’s oil imports. The EU’s executive branch chief, Ursula Von der Leyen, said that the sanctions will essentially reduce roughly 90% of Russian oil shipments to the EU.
Leaders also decided to grant Ukraine a 9 billion euros ($9.7 billion) of funding to help Ukraine’s economy.
The new sanctions will freeze the assets of individuals and will ban them from traveling. Russia’s largest bank, Sberbank, will be banned from using SWIFT, the main worldwide financial transfer system. EU also previously banned numerous smaller Russian banks from using SWIFT.
Moreover, it also bans three major Russian state-owned stations from disseminating their material in the European Union.
The Council President further stated that the EU wants to put a halt to Russia’s military machine. He added that it is critical to demonstrate that the EU is capable of being strong, firm, and harsh.
He revealed that the additional measures, which required the approval of all member nations, will be legally enforceable by Wednesday.
#EUCO | 🇪🇺 EU leaders agreed on:
✅new sanctions against Russia, covering crude oil & petroleum products
✅EU’s €9 bn macro-financial assistance & continued humanitarian, political, financial & military support to 🇺🇦
✅support for reconstruction of a democratic Ukraine
— EU Council (@EUCouncil) May 31, 2022
The EU has previously placed five rounds of sanctions against Russia for its involvement in the conflict. It has specifically targeted over 1,000 persons, including Russian President Vladimir Putin and prominent government officials, as well as pro-Kremlin billionaires, banks, the coal sector, and others.