The EU Has Finally Approved Its Ban on Russian Oil. What Now?
MIN READMay 31, 2022 | 18:05 GMT
European Council president Charles Michel talks with the press on May 30, 2022, after arriving for a special EU meeting in Brussels, Belgium, focused on the war in Ukraine and sanctions against Russia.
(KENZO TRIBOUILLARD/AFP via Getty Images)
The European Union's caveated ban on Russian oil imports shows the bloc is reaching its limit in how much more sanctions pressure it can impose on Moscow amid the ongoing war in Ukraine, as the embargo will risk stymying economic growth in EU countries for months to come. On May 30, EU leaders approved a sixth package of sanctions against Russia that includes a ban on most Russian oil reaching the bloc. The sanctions cover crude oil and petroleum products entering the European Union by sea, but exclude crude oil delivered by pipeline. While Brussels will announce the details of the sanctions in the coming days, officials said that the oil ban will cover roughly 70% of Russian oil imports in the immediate term and around 90% by the end of the year. The sanctions also ban EU companies from providing insurance services to Russian tankers, which is meant to...