EU Expected to Enact Phased 2022 Oil Embargo on Russia
The European Union is expected to approve phasing in an oil embargo against Russia, the biggest step in the sixth EU sanctions package.
Last year, Russia accounted for nearly 27% of EU oil imports. Following the invasion of Ukraine, the EU has tried to reduce its dependency on Moscow. The bloc is moving forward with its sanctions after Germany, the top buyer of Russian oil in the EU, recently signaled its support for the measure.
Hungary and Slovakia are resisting the sanctions as they rely heavily on Russian oil. The EU has offered them an exemption or a longer transition period to maintain unity in the 27-nation bloc.
Due to concerns that a total cut-off of Russian gas would plummet countries into recession, the energy embargo will be introduced in phases. Initially, sanctions will target oil transported by tankers. Restrictions on oil delivered via pipeline will likely take several months to come into effect.
The full oil embargo won’t come into effect until the end of the year. Looking ahead, the EU intends to break its dependency on Russia completely by 2027 and has indicated that it will soon unveil plans to expand renewable energy.
Wake up smarter with an assessment of the stories that will make headlines in the next 24 hours. Download The Daily Brief.
