-
ALSO READ
Russia presses US, NATO allies for guarantees amid Ukraine tensions
Putin puts Russia's nuclear deterrence on alert amid tensions with West
Russia orders US diplomats to leave in retaliation amid Ukraine tensions
Antony Blinken to visit Ukraine as tensions between US-Russia escalate
Antony Blinken says Russia could invade Ukraine during Winter Olympics
-
The European Union's leader on Wednesday called on the 27-nation bloc to ban oil imports from Russia in a sixth package of sanctions targeting Moscow for its war in Ukraine.
European Commission President Ursula von der Leyen also proposed that Sberbank, Russia's largest bank, and two other major banks be disconnected from the SWIFT international banking payment system.
Von der Leyen, addressing the European Parliament in Strasbourg, France, called on the EU's member nations to 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 minimizes the impact on global markets, von der Leyen said.
The proposals need to 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.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU