EU bans most Russian oil

RUSSIA / FSU POLITICS - In Brief 31 May 2022 by Alex Teddy
On May 30 the European Union banned Russian oil except for when it is sold to Hungary. Hungary buys 65% of its oil from Russia. The aim is that Hungary will wean itself off Russian oil over several years. The move banks the import of two-thirds of Russian oil imports to the EU immediately. Poland and Germany purchase Russian oil through a pipeline. By the end of 2022 these imports shall stop. By the end of 2022 Russian oil imports to the EU will be down 90%. The aim is to force Russia to withdraw from Ukraine. Many oil tankers were bringing Russian oil to the EU. They shall no longer do so. The EU bought 26% of its oil from Russia in January 2022. That figure has already been reduced before this latest round of sanctions. The EU is also blocking Sberbank from SWIFT. Three state broadcasters have been banned and certain individuals suspected of war crimes are being banned from the EU. The EU shall send Ukraine EUR 9 billion to help its liquidity requirement. Ukraine needs EUR 5 billion just to sustain itself. Ukraine's economy is due to contract 50% in 2022.

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