A formerly 'inconceivable' E.U. proposal would mark a historic shift to relations with Russia

[Jilly_in_VA]

Last edited Sat May 7, 2022, 03:17 PM - Edit history (1)

When Russian tanks rolled into Ukraine on Feb. 24, starting the most critical war in Europe since 1945, it threw the whole continent into turmoil and uncertainty. Yet one thing remained the same: Europe carried on buying Russian energy.

Despite most European countries’ opposition to the invasion, Russia has been earning about $1 billion a day from Western fossil fuel exports, Ukrainian officials say. It continues to provide about a quarter of Europe’s crude oil and two-fifths of the natural gas it burns — a relationship that dates back to the Cold War.

All that could be about to change.

The European Union looks set to secure a ban on Russian oil imports to its 27 member states, a historic shift designed to hit Russia’s national finances and weaken its war machine as the invasion grinds on into its 11th week.

The war is sweeping away old certainties. The proposed oil ban is the latest previously unthinkable way in which Russia’s relationship with the West has changed.

The E.U. also plans to cut off Sberbank, Russia’s largest lender, from the SWIFT international payment system. The E.U. and the United Kingdom haved moved to stop Russian oligarchs buying up multimillion-dollar houses and yachts. Russian and Belarussian athletes find themselves banned from major sports tournaments.

The backlash is stronger than even Russia’s biggest critics might have expected. And all this for a country that 20 years ago was declared by Western economists to be among the world’s most promising emerging economies and a hot spot for investment, alongside the other so-called BRICS nations of Brazil, India, China and South Africa.

https://www.nbcnews.com/news/world/proposed-eu-ban-oil-marks-turning-point-wests-measures-russia-rcna27429
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Chew on that, Vlad, ol' boy!

[NJCher]

1. 404 on the link

eom

[Jilly_in_VA]

2. Edited it and fixed it, I think n/t

[muriel_volestrangler]

3. What that doesn't spell out is how slow the ban will be

The original proposal would have halted Russian oil imports into the EU within six months and refined oil products by the end of 2022. Hungary and Slovakia would have been given until the end of 2023 to adapt under the original EU plan.

The tweaked proposal also reportedly includes a three-month transition before banning EU shipping firms from the transport of Russian oil to address the concerns by Greece, Malta and Cyprus. The original plan put forward a one-month transition.

Negotiations on the embargo could continue well into the weekend. Other ideas for sanctions reportedly under consideration include financial measures such as kicking Russia's Sberbank off the global SWIFT financial system.

https://www.dw.com/en/ukraine-eu-struggles-to-find-unity-on-russian-oil-embargo/a-61713243

The European Commission has amended a proposal for an embargo on Russian oil to extend the period before it takes effect for Hungary, Slovakia and the Czech Republic, two sources told Reuters on Friday.

Under the tweaked proposal, Hungary and Slovakia will continue to be able to buy Russian oil from pipelines until the end of 2024, whereas the Czech Republic could continue until June 2024, provided that it does not get oil via a pipeline from southern Europe earlier, the sources said.

https://www.reuters.com/article/ukraine-crisis-eu-sanctions/eu-offers-concessions-to-hungary-slovakia-czech-republic-on-oil-embargo-sources-idINL5N2WY2AS

[Jilly_in_VA]

4. Still, they are only three countries

That's a huge dent in the Russian economy. Huge.