The European Union on Friday formally adopted a sanctions package banning oil imports from Russia in response to its February invasion of Ukraine.
The sanctions package, the sixth imposed by the EU thus far, will phase out imports of Russian crude oil by sea over the next six months and refined petroleum imports over eight months. The EU imported about $51.5 billion in crude from Russia and $24.7 billion in refined products in 2021.
In the announcement, the EU said the package would include a temporary exemption for European nations with a “particular pipeline dependency” on Russia, allowing them to continue receiving crude oil by pipeline in the meantime. Exempt states would still be restricted from reselling crude or refined oil to third parties or other European states.
Bulgaria, meanwhile, will specifically be permitted to import crude oil and petroleum products by sea through the end of 2024 due to its “specific geographical exposure.”
And Croatia will be allowed to continue importing the Russian vacuum gas oil necessary for its refinery operations until the end of 2023.
The sanctions will also bar operators within the EU from financing or insuring transportation of Russian oil to third-party countries.
……..
- Discussion
-
#BREAKING: EU officially adopts Russian oil embargo https://t.co/sc4svb3FJ4
— The Hill (@thehill) June 3, 2022
You must be logged in to reply to this topic.