The EU has proposed a restriction on Russian oil imports.

By the end of the year, the European Union proposes banning all oil imports from Russia and removing Russia’s largest bank, Sberbank, from the SWIFT international payments network.

Russia is the world’s second-largest crude oil exporter, accounting for roughly 27% of EU oil imports last year. Imports have already been prohibited in the United States, Canada, the United Kingdom, and Australia.

EU proposes ban on importation of Russian oil

President of the European Commission, Ursula von der Leyen, announced the penalties would be part of a sixth wave of sanctions against Russia for its invasion of Ukraine on Wednesday, May 4.

During an address to the European Parliament, she remarked, “We now propose a ban on Russian oil.”

“Let’s be clear: it won’t be simple. But all we have to do now is work on it. We’ll make sure that we phase out Russian oil in a systematic manner, so that we can put the most pressure on Russia while minimizing the impact on our own economies.”

She also stated that crude oil imports from Russia would be phased out in six months and refined oil products imports from Russia would be phased out by the end of 2022.

The announcement of the idea, which still requires the approval of all EU member states, pushed crude oil prices up 3.5 percent to $109 per barrel.

Although EU members have agreed to phase out Russian coal imports, despite weeks of talks, they are having difficulty agreeing to phase out oil imports.

According to reports, Slovakia and Hungary want to be exempted from any Russian energy restrictions.

“We see no plans or guarantees on how a transition could be managed based on the current proposals, and how Hungary’s energy security would be guaranteed,” said Zoltan Kovacs, a spokesman for the Hungarian government.

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