The EU is expected to impose sanctions on Russia’s oil, banks and media

The United States and its allies have imposed sanctions on Russia over its attack on Ukraine. The European Union (EU) has also imposed sanctions. This time the alliance of European countries is going to lengthen the list of sanctions. European Commission President Ursula von der Leyen made the announcement on Wednesday.

According to a BBC report, new proposals have been made to ban Russia’s fuel oil, banks, the media and those involved in the Ukraine war. It will be implemented with the approval of EU member states.

Under the new sanctions proposal, the EU will reduce Russia’s dependence on fuel oil. According to Ursula von der Leyen, crude oil imports from Russia will be phased out in the next six months. The import of refined oil will be stopped by the end of 2022.

Along with oil, a large part of Russia’s export earnings comes from natural gas. However, the EU proposal did not mention anything about stopping gas imports. Analysts say it will be difficult for EU countries to find alternative sources of Russian gas.

Meanwhile, the head of the European Commission said that a proposal has been made to exclude three Russian banks from Swift, an international organization that exchanges messages on financial transactions. The banks are Esbar Bank, Credit Bank of Moscow and Russian Agriculture Bank. This time the bank is the largest bank in Russia.

The ban also includes three Russian-run media outlets. Ursula von der Leyen called the three media outlets “false propagandists” for Russian President Vladimir Putin. The media will be excluded from the EU’s cable TV, satellite and internet services.
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The head of the European Commission has said that 56 Russian citizens will also be banned. Many of them are involved in war crimes in the Ukrainian city of Bucha. Many are again involved in the siege of Mariupol.