• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
Trending:
  • Kashmir
  • Elections
Wednesday, July 16, 2025

Daily Times

Your right to know

  • HOME
  • Latest
  • Iran-Israel Tensions
  • Pakistan
    • Balochistan
    • Gilgit Baltistan
    • Khyber Pakhtunkhwa
    • Punjab
    • Sindh
  • World
  • Editorials & Opinions
    • Editorials
    • Op-Eds
    • Commentary / Insight
    • Perspectives
    • Cartoons
    • Letters to the Editor
    • Featured
    • Blogs
      • Pakistan
      • World
      • Ramblings
      • Lifestyle
      • Culture
      • Sports
  • Business
  • Sports
  • Lifestyle
  • E-PAPER
    • Lahore
    • Islamabad
    • Karachi

AP

EU takes major step toward Russian oil ban, new sanctions

The European Union’s (EU) top official on Wednesday called on the 27-nation bloc to ban oil imports from Russia and target the country’s biggest bank and major broadcasters in a sixth package of sanctions over the war in Ukraine.

European Commission President Ursula von der Leyen, addressing the European Parliament in Strasbourg, France, proposed having EU member nations phase out imports of crude oil within six months and refined products by the end of the year.

“We will make sure that we phase out Russian oil in an orderly fashion, in a way that allows us and our partners to secure alternative supply routes and minimises the impact on global markets,” Von der Leyen said.

The proposals must be unanimously approved to take effect and are likely to be the subject of fierce debate.

Von der Leyen conceded that getting all 27 member countries — some of them landlocked and highly dependent on Russia for energy supplies — to agree on oil sanctions “will not be easy”.

The EU gets about 25 per cent of its oil from Russia, most of which goes toward gasoline and diesel for vehicles. Russia supplies about 14pc of diesel, S&P Global analysts said, and a cutoff could send already high prices for truck and tractor fuel towering.

If approved, the ban on oil imports would be the second package of EU sanctions targeting Russia’s lucrative energy industry since the country invaded Ukraine on February 24.

In addition to sanctions on various entities and individuals, including Russian President Vladimir Putin and members of his family, the EU previously approved an embargo on coal imports.

The EU has started discussions on a possible natural gas embargo, but consensus among member countries on targeting the fuel used to generate electricity and heat homes is more difficult to secure. The region gets about 40pc of its natural gas from Russia.

Hungary and Slovakia have already said they wouldn’t take part in any oil sanctions.

Von der Leyen didn’t elaborate on whether they would receive an exemption from the sanctions, although it appeared likely.

The EU and Russia are playing “a game of chicken. It is hard to say who will swerve/blink first. The Russians for fear of running out of money. Or Europe for fear of the lights going out,” James Nixey, the director of the Russia and Eurasia programme at London’s Chatham House think tank, said.

Von der Leyen also said that the EU should target high-ranking military officers and others “who committed war crimes in Bucha,” a suburb of the capital Kyiv.

Ukrainian officials have alleged that retreating Russian troops carried out mass killings of civilians in Bucha.

“This sends another important signal to all perpetrators of the Kremlin’s war: We know who you are. We will hold you accountable. You’re not getting away with this,” Von der Leyen told the lawmakers.

EU diplomats confirmed that the European Commission’s plans also include an asset freeze and travel ban on the head of the Russian Orthodox Church, Patriarch Kirill of Moscow. The diplomats have direct knowledge of the discussions but were not authorised to speak publicly as negotiations continue.

Kirill is a longtime Putin ally and has justified Russia’s invasion of Ukraine. In March, he described the conflict as part of a struggle against sin and pressure from liberal foreigners to hold “gay parades” as the price of admission to their ranks.

Von der Leyen said that Putin’s intention is “to wipe out Ukraine from the map,” but predicted he will fail in his deadly enterprise. “Ukraine has risen in bravery and in unity,” she said.

“And it is his own country, Russia, that Putin is sinking.”

Banks are also in the EU executive arm’s sights, and notably Russia’s biggest, Sberbank. Von der Leyen said the aim is that “we de-SWIFT Sberbank.” SWIFT is the major global system for financial transfers.

“We will also de-SWIFT two other major banks in Russia. By that, we hit banks that are systemically critical to the Russian financial system and Putin’s ability to wage destruction,” she said.

Von der Leyen added that those alleged to be spreading disinformation about the war in Ukraine would be targeted.

“We are banning three big Russian state-owned broadcasters from our airwaves. They will not be allowed to distribute their content anymore in the EU, in whatever shape or form, be it on cable, via satellite, on the internet or via smartphone apps,” she said.

Von der Leyen didn’t name the broadcasters but branded the television channels “as mouthpieces that amplify Putin´s lies and propaganda aggressively. We should not give them a stage anymore to spread these lies.”

Filed Under: World Tagged With: EU takes major step toward Russian oil ban, Latest, new sanctions

Submit a Comment




Primary Sidebar




Latest News

No ceasefire yet: Putin rejects Trump’s 50-day deadline for peace

Sectarian chaos in Suwayda: 99 dead as Syrian army moves in

EU to US: Don’t just sell arms, share the cost for Ukraine

France and Pakistan celebrate history, build future

Karachi police chief warns officers: Obey traffic laws or face action

Pakistan

France and Pakistan celebrate history, build future

Karachi police chief warns officers: Obey traffic laws or face action

IHC orders probe commission on blasphemy cases

Breathing trouble lands PTI’s Yasmin Rashid in hospital

Strike suspended: Govt, traders reach agreement on section 37A

More Posts from this Category

Business

Aurangzeb to Moody’s: Reforms are working, investment doors are open

Big deposits, small loans: Banks stick to low-risk investments

FBR targets traders living lavishly but paying low taxes

Industrial output dips 1.21%, yet automobiles and textiles fuel hope

PSX rally fizzles out as KSE-100 sheds 550+ points

More Posts from this Category

World

No ceasefire yet: Putin rejects Trump’s 50-day deadline for peace

EU to US: Don’t just sell arms, share the cost for Ukraine

Israel bombs Syria, Lebanon over border threats, 12 killed

More Posts from this Category




Footer

Home
Lead Stories
Latest News
Editor’s Picks

Culture
Life & Style
Featured
Videos

Editorials
OP-EDS
Commentary
Advertise

Cartoons
Letters
Blogs
Privacy Policy

Contact
Company’s Financials
Investor Information
Terms & Conditions

Facebook
Twitter
Instagram
Youtube

© 2025 Daily Times. All rights reserved.

We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.