European Union to Ban Russian Oil Imports by End of 2022

by Ship & Bunker News Team
Wednesday May 4, 2022

The European Union is planning to phase out imports of Russian oil over the remainder of this year in response to the country's invasion of Ukraine.

The EU plans to phase out imports of Russian crude within six months and of refined products by the end of 2022, news agency Reuters reported on Wednesday, citing draft European Commission measures announced by commission president Ursula von der Leyen.

Brent crude futures rose in response to the plan, trading up by 2.7% on the day at $107.85/bl as of 8:50 AM in London.

"We are addressing our dependency on Russian oil," Reuters cited von der Leyen as saying.

"And let's be clear, it will not be easy because some member states are strongly dependent on Russian oil, but we simply have to do it."