A formerly 'inconceivable' E.U. proposal would mark a historic shift to relations with Russia [View all]
Last edited Sat May 7, 2022, 02:17 PM - Edit history (1)
When Russian tanks rolled into Ukraine on Feb. 24, starting the most critical war in Europe since 1945, it threw the whole continent into turmoil and uncertainty. Yet one thing remained the same: Europe carried on buying Russian energy.
Despite most European countries’ opposition to the invasion, Russia has been earning about $1 billion a day from Western fossil fuel exports, Ukrainian officials say. It continues to provide about a quarter of Europe’s crude oil and two-fifths of the natural gas it burns — a relationship that dates back to the Cold War.
All that could be about to change.
The European Union looks set to secure a ban on Russian oil imports to its 27 member states, a historic shift designed to hit Russia’s national finances and weaken its war machine as the invasion grinds on into its 11th week.
The war is sweeping away old certainties. The proposed oil ban is the latest previously unthinkable way in which Russia’s relationship with the West has changed.
The E.U. also plans to cut off Sberbank, Russia’s largest lender, from the SWIFT international payment system. The E.U. and the United Kingdom haved moved to stop Russian oligarchs buying up multimillion-dollar houses and yachts. Russian and Belarussian athletes find themselves banned from major sports tournaments.
The backlash is stronger than even Russia’s biggest critics might have expected. And all this for a country that 20 years ago was declared by Western economists to be among the world’s most promising emerging economies and a hot spot for investment, alongside the other so-called BRICS nations of Brazil, India, China and South Africa.
https://www.nbcnews.com/news/world/proposed-eu-ban-oil-marks-turning-point-wests-measures-russia-rcna27429
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Chew on that, Vlad, ol' boy!
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