EU stops buying oil from Russia

Accordingly, Europe decided, before the end of this year, to cut 90% of the amount oil bought from Russia. The European Summit decided to actively give up oil from Russia – a measure both to reduce dependence on Russia for energy and to hit Russia’s main source of revenue.

“An important and unified opinion in European Union That is, we must stop buying fossil fuels from Russia. First, oil is not good for the climate. Second, much more important, oil adds to the cost of war for Russia,” said Ursula Von Der Leyen, President of the European Commission.

The European Union has to import both oil and gas from Russia, but with oil, the level of dependence is lower, so the new embargo on Russian oil first, gas second.

European countries will buy oil from elsewhere, transport it to Europe by tanker ships. Therefore, European countries without a sea such as Hungary, Slovakie and the Czech Republic did not agree much.

Hungarian Prime Minister Viktor Orban said: “So far, the previous five sanctions packages have been introduced in a way that punishes first, takes into account the consequences. But this time it is about energy, there are many risks. We have to change our approach, find an alternative, let’s talk about punishment.”

European leaders also discussed where to get money to support Ukraine’s economy. According to the International Monetary Fund, due to the decline in revenue because industry and commerce were destroyed, Ukraine needs an additional $5 billion a month to sustain its economy.

The European Commission proposes 9 billion euros in aid to Ukraine and the Summit will have to decide whether the money will be a long-term loan, or a grant.

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