Trade bloc steps up pressure on the Kremlin, including sanctions targeting Sberbank, Russia’s biggest lender
An oil refinery is seen in this file photograph. Picture: REUTERS The EU proposed its toughest sanctions yet against Russia on Wednesday, including a phased oil embargo, as Ukraine came under further heavy Russian bombardment and nervously monitored large-scale army drills in neighbouring Belarus, a close Moscow ally.
Piling pressure on Russia’s already battered $1.8-trillion economy, the European Commission proposed phasing out supplies of Russian crude oil within six months and refined products by the end of 2022. The price of Brent crude jumped 3% to more than $108 a barrel after the news. She also announced sanctions targeting Russia’s largest bank Sberbank, two other lenders, three state broadcasters as well as army officers and other individuals accused of war crimes.
“The US and its Nato allies are continuing to pump weapons into Ukraine,” Shoigu told a conference of defence ministry officials.
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