Since the start of the Russian military invasion in Ukraine on
\nFebruary 24, Western countries have responded by a number of economic and
\ndiplomatic sanctions against Russia. The sanctions are designed to effectively
\ncounter Russia’s continued aggression on the neighbouring country.<\/p>\n
<\/p>\n
\n
<\/p>\n
Convening
\nin a summit in Brussels on Monday and Tuesday, the EU leaders agreed, after
\nseveral hours of talks, to gradually ban Russian oil imports. The compromise
\nnegotiated with difficulty in Brussels bans only seaborne oil purchases for the
\ntime being, exempting pipeline deliveries following the opposition of Hungary. <\/p>\n
<\/p>\n
\n
<\/p>\n
The measure
\nis part of the 6th package of sanctions enacted by the EU since the
\nstart of the Russian-Ukrainian crisis. <\/p>\n
<\/p>\n
\n
<\/p>\n
The president
\nof the European Council, Charles Michel, said the measure, which will be
\nenforced by the end of the year, immediately covers more than two-thirds of the
\nRussian oil imports, cutting a huge source of financing for [Russia’s] war
\nmachine and delivering maximum pressure on Russia to end the war. <\/p>\n
<\/p>\n
\n
<\/p>\n
Imports via the Druzhba pipeline,
\nwhich also supplies Hungary, will be exempt from the ban in a first stage, after
\nBudapest used its veto rights to hinder the adoption of the 6th
\npackage of EU sanctions for several weeks. Hungary’s domestic consumption is
\n65% reliant on the Druzhba pipeline. <\/p>\n
<\/p>\n
\n
<\/p>\n
Negotiations
\nare scheduled as soon as possible to move towards banning the remaining of the
\nRussian oil imports. <\/p>\n
<\/p>\n
\n
<\/p>\n
Attending
\nthe summit in Brussels, the president of Romania Klaus Iohannis said Bucharest
\nsupported the new sanctions against Moscow. <\/p>\n
<\/p>\n
\n
<\/p>\n
Meanwhile,
\nthe EU leaders also agreed to remove 3 Russian banks, including Sberbank, from the Swift
\nglobal payments system and to ban 3 other state-owned Russian broadcasters. So
\nfar, 7 Russian banks have been denied access to the Swift platform which enables
\nmajor banking operations such as interbank transfers. <\/p>\n
<\/p>\n
\n
<\/p>\n
Also, a
\nmacro-financial aid package worth EUR 9 billion has been approved. The funds
\nwill allow Kyiv to cover its immediate cash demand and to keep its economy
\nrunning. According to the Ukrainian authorities, the country needs EUR 5
\nbillion per month. The EU funding will take the form of long-term loans with subsidised
\ninterests. (AMP)<\/p><\/p>\n","protected":false},"excerpt":{"rendered":"
EU leaders have agreed to gradually ban Russian oil imports<\/p>\n","protected":false},"author":46,"featured_media":90207,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[37738],"tags":[32754,40578,40577,29120,29544,34989,31169,29310,33754,30411,40579,28905],"coauthors":[],"class_list":["post-92392","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-today-in-the-news","tag-ban","tag-crude","tag-embargo","tag-eu","tag-imports","tag-oil","tag-pipeline","tag-russia","tag-russian","tag-sanctions","tag-seaborne","tag-ukraine"],"acf":[],"yoast_head":"\n