Global RiskNews Briefs

EU Prepares Ban on Russian Oil

The European Union is expected to propose ending purchases of Russian oil in the bloc by the end of 2022. A ban on refined oil products from Russia is expected to occur by the year-end as well. The proposals are expected to be announced and circulated on Tuesday to the 27 countries and are a part of the sixth sanction package proposed by the EU against Moscow. 

In the proposal, Slovakia and Hungary would receive extra time to impose the embargo due to their high dependence on Russian oil. The preparations for the embargo seem to be escalating after Germany changed its mind and decided to support an embargo. Germany also supported the sweeping economic sanctions that are in place until Russian troops completely withdraw from Ukraine. All 27 states must accept the proposals, which diplomats warn may take time. The EU may also propose additional sanction against more Russian officials and Russian banks. Senior officials of the EU will likely discuss the proposals on Wednesday.

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