In big bid to punish Moscow, EU bans most Russia oil imports

BRUSSELS (AP) — In the most significant effort yet to punish Russia for its war in Ukraine, the European Union agreed to ban the overwhelming majority of Russian oil imports after tense negotiations that tested how far the bloc is willing to go to ostracise Moscow.

From the moment Russia invaded on February 24, the West has sought to make Moscow pay economically for its war.

But targeting the lucrative energy sector was seen as a last resort in Europe and has proved hardest since the bloc relies on the country for 25% of its oil and 40% of its natural gas. European countries that are even more heavily dependent on Russia have been especially reluctant to act.

In a move unthinkable just months ago, EU leaders agreed late Monday to cut around 90% of all Russian oil imports over the next six months.

Belgian Prime Minister Alexander De Croo called the embargo a “big step forward” on Tuesday morning and Irish Prime Minister Micheal Martin hailed it as “a watershed moment.” But both leaders cautioned that Europe would need time to adjust to the impact — and any further bans on Russian energy could only come slowly, if at all.

The deputy head of Russia's Security Council said Tuesday that energy sanctions against the country were intended to hurt ordinary Russians by making it harder for Moscow to fund social programmes.

Mikhail Ulyanov, Russia's permanent representative to international organisations in Vienna, appeared to shrug the move off, though, saying Moscow would find other buyers.

Still, analyst Simone Tagliapietra said Russia would likely have to sell its oil at a substantial discount. Tagliapietra, an energy expert and research fellow at the Brussels-based think tank Bruegel, called the embargo “a major blow.”

Talks at EU headquarters in Brussels were set Tuesday to focus on ways to end the trading bloc's dependence on Russian energy, by diversifying supplies and speeding up the transition to renewable sources and away, as much as possible given soaring energy costs, from fossil fuels.

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