The European Union (EU) will phase out Russian crude oil imports over the next six months.
EU President Ursula Von der Leyen told the European Parliament in a speech outlining proposals for the sixth wave of sanctions against Moscow.
This will mark the bloc’s boldest proposals yet as it boosts efforts to hold Moscow accountable for invading Ukraine.
Von der Leyen, who heads the EU’s executive branch, said ending the bloc’s “dependency on Russian oil… will not be easy” and must be done in an “orderly fashion” to minimize global disruption while maximizing pressure on Russia.
Russia gas breakaway
Italian ministers visited central Africa in an urgent quest for new energy deals as Italy scrambles to break away from Russian gas.
Prime Minister Mario Draghi is looking to add Angola and the Republic of Congo to a portfolio of suppliers to substitute Russia, which provides about 45 percent of Italian gas.
“We do not want to depend on Russian gas any longer, because economic dependence must not become political subjection”, he said in an interview with the Corriere della Sera daily published on Sunday.
“Diversification is possible and can be implemented in a relatively short amount of time, quicker than we imagined just a month ago,” he said.
The foray follows the signing of agreements with Algeria and Egypt in recent weeks.
Algeria is currently Italy’s second-largest supplier, providing around 30 percent of its consumption.
Additional information by Forbes
