Newsbytes
  • India
  • Business
  • World
  • Politics
  • Sports
  • Technology
  • Entertainment
  • Auto
  • Lifestyle
  • Inspirational
  • Career
  • Bengaluru
  • Delhi
  • Mumbai
  • Videos
  • Visual Stories
  • Reviews
  • Phone Reviews
  • Fitness Bands Reviews
  • Speakers Reviews
  • Find Cricket Statistics
Hindi
More
In the news
Afghanistan
Taiwan
Nancy Pelosi
Joe Biden
United States of America
China
Monkeypox
Newsbytes
Hindi
Newsbytes
User Placeholder

Hi,

Logout


India
Business
World
Politics
Sports
Technology
Entertainment
Auto
Lifestyle
Inspirational
Career
Bengaluru
Delhi
Mumbai
Videos
Visual Stories
Reviews
Phone Reviews
Fitness Bands Reviews
Speakers Reviews
Find Cricket Statistics

More Links
  • Videos

Download Android App

Follow us on
  • Facebook
  • Twitter
  • Linkedin
  • Youtube
 
Home / News / World News / European Union bans most Russian oil imports: Details here
World

European Union bans most Russian oil imports: Details here

European Union bans most Russian oil imports: Details here
Written by Srishty Choudhury
May 31, 2022, 06:53 pm 3 min read
European Union bans most Russian oil imports: Details here
Russian forces are battling on the outskirts of Sievierodonetsk--an east Ukrainian industrial hub.

The leaders of the European Union (EU) on Monday agreed to put an embargo on most imports of Russian oil. Notably, this is the toughest sanction imposed by the 27-nation bloc on Russia since the Vladimir Putin-led nation invaded Ukraine on February 24. This development comes even as Russian forces are battling on the outskirts of Sievierodonetsk—an east Ukrainian industrial hub.

Context
Why does this story matter?
  • To recall, the EU had earlier banned the import of Russian coal.
  • In retaliation, Moscow cut energy supplies to Bulgaria, Poland, Finland, and the Netherlands.
  • The next round of the EU sanctions could target Russia's gas supplies.
  • However, Austrian Chancellor Karl Nehammer said, "Gas can't be part of next sanctions."
  • The sanctions also show that the EU is united to stop the Russian aggression.
Exception
Ban would cut Russia's financing

The EU's latest ban would cover nearly two-thirds of oil imports from Russia and would cut a "huge source of financing for its war machine," European Council President Charles Michel said. The only exception would be the landlocked Hungary, which heavily depends on piped crude oil supply from Russia and some other countries bothered by the economic impact of the ban.

'Remarkable achievement'
'We want to stop Russia's war machine,' says EU

Calling the sanctions a "remarkable achievement," Michel said, "We want to stop Russia's war machine." "More than ever it's important to show that we are able to be strong, that we are able to be firm, that we are able to be tough," he added. The new sanctions on Russia would be legally endorsed by Wednesday.

Sberbank
Three more Russian state-owned broadcasters also banned

The leaders at the EU summit held in Brussels also agreed to cut off Sberbank—the largest Russian bank—from the SWIFT system. SWIFT—Society for Worldwide International Financial Telecommunications—enables banks to communicate transaction information and helps in facilitating imports and export payments. Moreover, the EU has banned three more Russian state-owned broadcasters, Michel added. To recall, the EU prohibited the Kremlin-backed RT and Sputnik in March.

Damage
Russia advances in Donbas

The sanctions were slapped even as Russia has intensified attacks in Ukraine's eastern Donbas region comprising Luhansk and Donetsk. Ukrainian President Volodymyr Zelenskyy called the situation in the region "extremely difficult." Zelenskyy had on Monday said, "There, in the Donbas, the maximum combat power of the Russian army is now gathered." He added that Russia had destroyed critical infrastructure and buildings in the area.

Quote
'Russia will find other importers'

On the other hand, Russia's permanent representative to international organizations in Vienna, Mikhail Ulyanov, responded to the EU's decision to impose sanctions. He tweeted, "As she rightly said yesterday, Russia will find other importers," referring to European Commission President Ursula von der Leyen.

Crude oil rates
Oil prices extend gains after EU ban

Following the EU's decision to ban Russian oil imports by the end of 2022, oil prices extended gains on Tuesday. Brent crude for July rose 1.8% to $123.86 a barrel. The August contract surged to $119.85, an increase of $2.25. US West Texas Intermediate crude traded at $119.12 a barrel—a rise of $4.05, or 3.5%, from Friday's closing rate.

Operation Ganga
Jaishankar to visit East, Central Europe

Meanwhile, External Affairs Minister S Jaishankar will reportedly visit Bratislava in Slovakia and Prague in the Czech Republic, among other nations in East and Central Europe to thank them for facilitating Operation Ganga. The Centre had successfully evacuated more than 23,000 stranded Indian nationals from worn-torn Ukraine in February-March. Jaishankar will also take a firsthand stock of the war situation in the region.

Share this timeline
Facebook
Whatsapp
Twitter
Linkedin
Srishty Choudhury
Srishty Choudhury
Mail
Srishty Choudhury currently works as a Senior National Writer for NewsBytes. She has previously worked with India Today, Business Standard, Financial Express, and Zee Media in her career spanning over 11 years in print and digital media. She holds a Bachelor’s degree in English from Calcutta University and a PG-Diploma in Journalism and Mass Communication from the Indian Institute of Mass Communication.
Latest
Vladimir Putin
European Council
Volodymyr Zelenskyy
Russia-Ukraine crisis
Related
Latest
BLU Bold N2 launched with curved display, quad camera
BLU Bold N2 launched with curved display, quad camera Technology
Halle Berry's birthday special: Revisiting 5 of her iconic roles
Halle Berry's birthday special: Revisiting 5 of her iconic roles Entertainment
La Liga 2022-23: Barcelona held to a goalless draw
La Liga 2022-23: Barcelona held to a goalless draw Sports
Vivo Y77e launched with MediaTek Dimensity 810: Check price, specifications
Vivo Y77e launched with MediaTek Dimensity 810: Check price, specifications Technology
Yamaha Fazer FZ25 Thor goes official with sporty looks
Yamaha Fazer FZ25 Thor goes official with sporty looks Auto
Vladimir Putin
Vladimir Putin's statue in NYC shows him playing war games
Vladimir Putin's statue in NYC shows him playing war games World
Ukraine sacks its envoys to India, Germany, three other countries
Ukraine sacks its envoys to India, Germany, three other countries World
EU grants Ukraine candidate status in 'historic moment' amid war
EU grants Ukraine candidate status in 'historic moment' amid war World
Putin losing eyesight, has 3 years to live: Russian Spy
Putin losing eyesight, has 3 years to live: Russian Spy World
Vladimir Putin not suffering from serious ailment: Russian foreign minister
Vladimir Putin not suffering from serious ailment: Russian foreign minister World
More News
European Council
Russia defending 'motherland' in Ukraine, says Putin on Victory Day
Russia defending 'motherland' in Ukraine, says Putin on Victory Day World
Jaishankar to visit Slovenia, Croatia, Denmark in four-day tour
Jaishankar to visit Slovenia, Croatia, Denmark in four-day tour India
He once played Ukraine's President, is now one in real-life
He once played Ukraine's President, is now one in real-life World
Trick or treat? Brexit delayed until Halloween, October 31
Trick or treat? Brexit delayed until Halloween, October 31 World
May heads to Brussels as Spain threatens Brexit summit boycott
May heads to Brussels as Spain threatens Brexit summit boycott World
More News
Volodymyr Zelenskyy
Davos preps for World Economic Forum; Ukraine on agenda
Davos preps for World Economic Forum; Ukraine on agenda World
Russia-Ukraine war: 'Battle for Donbas' has begun, says President Zelenskyy
Russia-Ukraine war: 'Battle for Donbas' has begun, says President Zelenskyy World
Eastern Ukraine braces for 'hard battle,' citizens urged to 'flee'
Eastern Ukraine braces for 'hard battle,' citizens urged to 'flee' World
Ukraine-Russia war: Moscow accused of over 5,000 crimes of aggression
Ukraine-Russia war: Moscow accused of over 5,000 crimes of aggression World
Ukraine war: Russia admits significant troop losses, laments 'huge tragedy'
Ukraine war: Russia admits significant troop losses, laments 'huge tragedy' World
More News
Russia-Ukraine crisis
RBI hikes repo rate by 50bps, GDP pegged at 7.2%
RBI hikes repo rate by 50bps, GDP pegged at 7.2% Business
Indian Railways orders 39,000 wheels from Chinese manufacturer
Indian Railways orders 39,000 wheels from Chinese manufacturer India
Indian rupee declines past 80/USD for the first time ever
Indian rupee declines past 80/USD for the first time ever Business
John Abraham unveils teaser for 'Tehran'; film goes on floors
John Abraham unveils teaser for 'Tehran'; film goes on floors Entertainment
Ukraine war could increase production of illegal drugs, says UN
Ukraine war could increase production of illegal drugs, says UN World
More News
Related
India wants Russian crude oil for less than $70/barrel: Report
India wants Russian crude oil for less than $70/barrel: Report Business
Not considering buying Russian oil in rupees, minister informs Parliament
Not considering buying Russian oil in rupees, minister informs Parliament India
Indian Oil Corporation buys Russian crude at deep discount: Report
Indian Oil Corporation buys Russian crude at deep discount: Report Business
India considering buying oil from Russia at discounted prices
India considering buying oil from Russia at discounted prices Business
Next News Article
Next News Article

Love World news?

Subscribe to stay updated.

World Thumbnail
India News Business News World News Politics News Sports News Technology News Entertainment News Auto News Lifestyle News Inspirational News
Career News Bengaluru News Delhi News Mumbai News Mukesh Ambani Indian Premier League (IPL) Karnataka Samsung Xiaomi West Bengal
Bihar Virat Kohli Rohit Sharma Haryana Narendra Modi Arvind Kejriwal Tamil Nadu Gujarat Yogi Adityanath YouTube
Instagram Hollywood News Uttar Pradesh Kerala Netflix Bollywood News Mamata Banerjee Maruti Suzuki Rahul Gandhi Elon Musk
Shah Rukh Khan Chelsea FC OPPO Akhilesh Yadav Indian Cricket Team Apple Manchester United Salman Khan Cryptocurrency OnePlus
Amitabh Bachchan ICC Women's World Cup Vivo India vs Sri Lanka
About Us Privacy Policy Terms & Conditions Contact Us Ethical Conduct Grievance Redressal News News Archive Topics Archive IPL 2022 Schedule IPL 2022 Points Table Find Cricket Statistics
Follow us on
Facebook Twitter Linkedin Youtube
All rights reserved © NewsBytes 2022