EC: The complete ban on oil imports from Russia will take place within 6 months

The European Commission will propose to withdraw from supplies of Russian crude oil within six months, and refined products - by the end of the year, said Commission President Ursula von der Leyen.

"We are now proposing a ban on the import of Russian oil. This will be a complete ban on all Russian oil imports, whether offshore or pipelines, crude and refined. We will make sure that we withdraw Russian oil in an orderly manner, enabling us and our partners to secure alternative routes of supply and minimizing the impact on world markets. Therefore, we will withdraw from supplies of Russian crude oil within six months and refined products by the end of the year," von der Leyen said in a statement.

She stressed that the above decision would deprive the Russian economy of the possibility of diversification and modernization.

"Second, de-SWIFT Sberbank - by far the largest bank in Russia - and two other large banks. In this way we will hit the banks that are systemically crucial to the Russian financial system and Putin's ability to wage war. This will strengthen the complete isolation of the Russian financial sector. from the global system," von der Leyen announced.

Source: EC and ISBnews