EU Council adopts 6th package of sanctions against Russia

The EU Council decided Friday to introduce the sixth package of economic and individual sanctions targeting Russia for its invasion of Ukraine, as well as Belarus for its aid to Moscow. Political agreement on the restrictions was negotiated at a summit of EU leaders Monday night and Tuesday.

"Today's package further limits the Kremlin's ability to finance war by imposing further economic sanctions. We are banning Russian oil imports to the EU, cutting off a huge source of revenue for Russia. We are cutting off more key Russian banks from the SWIFT international payment system. We are also imposing sanctions on those responsible for the atrocities that took place in Bucza and Mariupol," Josep Borrell, EU High Representative for Foreign Affairs, reported.

The oil embargo applies to crude imported by sea. The transition period will last from six months for oil to eight months for other petroleum products. However, the sanctions package provides a temporary exception for pipeline imports to those EU member states that are particularly dependent on Russian supplies due to their geographical location and have no viable alternatives.

In addition, Bulgaria and Croatia will also benefit from temporary derogations for imports of Russian oil and vacuum gas oil, respectively.

By the end of this year, the EU is set to give up imports of around 90 percent of Russian oil.

(PAP)