The European Commission President Ursula Von der Leyen has proposed a phased oil embargo on Russia over its war in Ukraine, as well as sanctioning the country's top bank, in a bid to deepen Moscow's isolation.
The plan was announced by Von der Leyen this Wednesday, and if agreed by all EU governments, it would mark a watershed for the world's largest trading bloc, which is dependent on Russian energy and must find alternative supplies.
But Russia's invasion of Ukraine by land, sea and air on 24 February, the renewed Russian offensive in eastern Ukraine and the horrific images of slaughter in Ukrainian towns have overcome reluctance to deliver the toughest sanctions so far.
Finally, we now propose a ban on Russian oil.
— Ursula von der Leyen (@vonderleyen) May 4, 2022
Let´s be clear: it will not be easy.
But we simply have to work on it.
We will make sure that we phase out Russian oil in an orderly fashion.
To maximise pressure on Russia, while minimizing the impact on our economies pic.twitter.com/fH2wuKN5t2
Pledge to minimise impact on EU states
Speaking at the European Parliament in Strasbourg this morning, the EU Commission President declared: "Today, we will propose to ban all Russian oil from Europe.
"This will be a complete import ban on all Russia," she added, to applause in the chamber.
The commission's measures include phasing out supplies of Russian crude oil within six months and refined products by the end of 2022, von der Leyen said.
She also pledged to minimise the impact on European economies.
"We are addressing our dependency on Russian oil. And let's be clear, it will not be easy because some member states are strongly dependent on Russian oil, but we simply have to do it.
"[Russian President Vladimir] Putin must pay a price, a high price, for his brutal aggression," she said.
Four Russian banks added to EU blacklist
As well as oil, the latest round of sanctions will hit Sberbank, Russia's top lender, as well as three other banks, adding it to several banks that have already been excluded from the SWIFT messaging system.
Von der Leyen underlined that the EU must "de-SWIFT" Sberbank. SWIFT is the major global system for financial transfers.
"By that," she said, "we hit banks that are systemically critical to the Russian financial system and Putin's ability to wage destruction," and will solidify the complete isolation of the Russian financial sector from the global system.
More high-ranking Russian officials will also be targeted with asset freezes and travel bans, but their names were not given. "You are not getting away with this," she said, referring directly to the Kremlin.
This Wednesday's proposals by the Commission now need to go to the 27 member states for unanimous approval. Diplomats said there was likely to be a longer period granted to Hungary and Slovakia to stop oil imports as they are so heavily dependent on Russian energy.
