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EU announces new Russia sanctions

The European Union proposes “a total ban on Russian oil imports” over the coming six months and refined products from Russia will stop flowing by the end of the year, European Commission chief Ursula von der Leyen told the European Parliament on Wednesday.

This is the sixth package of sanctions against Russia to be introduced in response to the Russian invasion of Ukraine.

The EC president also said that three “major Russian banks”, including Sberbank, will be subject to EU sanctions. They will be cut off from the SWIFT system, which is expected to reinforce the isolation of the Russian financial sector.

Finally, we now propose a ban on Russian oil.

Let´s be clear: it will not be easy.
But we simply have to work on it.

We will make sure that we phase out Russian oil in an orderly fashion.

To maximise pressure on Russia, while minimizing the impact on our economies pic.twitter.com/fH2wuKN5t2

— Ursula von der Leyen (@vonderleyen) May 4, 2022

“In this way, we will hit the banks that play the most important role in the Russian financial system and allow [Russian President Vladimir] Putin to sow destruction,” Ms von der Leyen said.

Media restriction

In addition, the EU plans to ban three major Russian state broadcasters in EU countries.

“We are proposing a reconstruction plan for Ukraine after the Russian-induced war ends,” Ms von der Leyen said. In a heartfelt speech on Wednesday, she described the details of the sixth sanctions plan to be imposed by the EU on Russia in response to its invasion of Ukraine.

She said that a forthcoming aid package for Ukraine should entail massive investment in the country to address immediate needs and introduce necessary reforms.

“It will ultimately pave the way for Ukraine’s future in the European Union,” the EC President said.

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