EU to halt Russian crude oil imports in fresh sanctions

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

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Lawrence Baraza

Lawrence Baraza is a dynamic journalist currently overseeing content at Metropol TV Digital. With a keen focus on business news and analytics, Lawrence guides the platform in delivering insightful, data-driven content that empowers its audience to make informed decisions. Lawrence’s commitment to quality and his ability to anticipate market trends make him a key figure in the digital media landscape. His work continues to shape the way business news is consumed, making a significant impact in the field.

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