The European Union has agreed to slash Russian oil imports in a tough escalation of the bloc’s campaign of sanctions to punish Russia for its invasion of Ukraine.
European Council President Charles Michel, centre right, and European Commission President Ursula von der Leyen, centre, leave the Europa building after an extraordinary meeting of EU leaders to discuss Ukraine, energy and food security in Brussels, Tuesday, May 31, 2022. – The European Union has agreed to slash Russian oil imports in a tough escalation of the bloc's campaign of sanctions to punish Moscow for its invasion of Ukraine.
Analysts say that amid high oil prices, the sanctions are unlikely to hit Russia hard soon, but they deprive Moscow of one of its most important customers for oil — likely for a long time to come.by about 90% over the next six months, a dramatic move that was considered unthinkable just months ago. The 27-country bloc relies on Russia for 25% of its oil.
But don't expect the 27-nation bloc's leaders to sign off on a ban on Russian gas imports any time soon. The bloc imports 40% of its gas — used for everything from generating electricity to heating homes — from Russia, and finding alternative supplies is tougher than for oil.“Russian oil is much easier to compensate ... gas is completely different, which is why a gas embargo will not be an issue in the next sanctions package,” said Austria’s Chancellor Karl Nehammer.
“Who's next?” said Lucia van Geuns, an energy expert from The Hague Centre for Security Studies. She said the tightening of the net by Moscow could leave EU countries competing for gas supplies from other sources to fill up storage facilities over the summer and to use next winter — a move that would likely drive up prices even further.devastating war in Ukraine
As oil prices rose again Wednesday, motorists in the eastern Netherlands were crossing the border in droves to refuel in neighboring Germany, where government tax cuts have made a liter of gasoline much cheaper than in the Netherlands. Dutch broadcaster NOS showed lines of cars with Dutch license plates waiting outside German gasoline sellers.Moscow is waging a hugely expensive war in Ukraine. Oil and gas exports go a long way to footing the bill.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Russia-Ukraine war live updates: Ukraine claws back part of Severodonetsk as Russia continues assaultUkraine also rejected a British intelligence forecast that Russia could control the Luhansk region in two weeks.
Read more »
Russia-Ukraine war: What happened today (June 2)Ukrainian President Volodymyr Zelenskyy told Luxembourg's parliament that Russia now occupies about 20% of Ukraine and the Russian army 'has already destroyed almost the entire Donbas.' He made a plea for more weapons and for more sanctions on Russia.
Read more »
Opinion | Biden wants the public to know what he won't do on RussiaAfter gaffes and intensifying aid, Biden attempts to step back and clarify U.S. policy in the war zone.
Read more »
Kirsten Gillibrand pushes 'Cyber Academy' to fight China, Russia cyber war'One of the biggest challenges we have in the future is protecting the nation from a cyberattack and being able to win a cyberwar,' Gillibrand told Newsweek.
Read more »