Crude oil to be phased out within 6 months
This morning, the European Union has announced details of a complete ban on Russian oil imports.
European Commission President, Ursula Von Der Leyen, has told the European Parliament in Strasbourg the proposed ban will be rolled out in a way that will minimise the collateral damage to the EU, and its partners around the globe.
President von der Leyen told MEPs crude oil would be phased out within six months and refined products by the end of the year:
Finally, we now propose a ban on Russian oil.
— Ursula von der Leyen (@vonderleyen) May 4, 2022
Let´s be clear: it will not be easy.
But we simply have to work on it.
We will make sure that we phase out Russian oil in an orderly fashion.
To maximise pressure on Russia, while minimizing the impact on our economies pic.twitter.com/fH2wuKN5t2
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