EU targets Russian oil as offensive intensifies
Kyiv, May 4
The European Union proposed its toughest sanctions yet against Russia on Wednesday, including a phased oil embargo, as Kyiv said Moscow was intensifying an offensive in eastern Ukraine and close Russian ally Belarus announced large-scale army drills.
Piling pressure on Russia’s already battered $1.8 trillion economy, the European Commission proposed phasing out imports of Russian crude oil within six months and refined products by the end of this year, sending the price of Brent up 4% to more than $109 a barrel.
“(President Vladimir) Putin must pay a price, a high price, for his brutal aggression,” Commission chief Ursula von der Leyen told applauding EU lawmakers in Strasbourg. The plan, if agreed by EU governments, would be a watershed for the world’s largest trading bloc. — Reuters
