Page 11 - FSUOGM Week 20 2022

FSUOGM POLICY FSUOGM

Trade Commissioner hopeful for EU oil export

ban deal to strike Russian war machine

EUROPE EUROPEAN Trade Commissioner Valdis were able to agree [on previous sanctions pack-
Dombrovskis said on May 10 he is hopeful that ages] and we hope that’s going to be the case now,
Hungary and other EU member states will agree on a ban on Russian because it’s important that the EU and broader
states have resisted the oil imports that would strike at the “heart of the international community responds forcefully
move. Kremlin war machine financing”. to Russia’s brutal invasion and puts maximum
EU member states are in discussions on a pressure on Russia to stop the war,” he said fol-
sixth package of sanctions on Russia, and the lowing a meeting with EBRD President Odile
European Commission wants to end Russian Renaud-Basso.
crude oil imports within half a year, and ban Rus- European politicians have met several times
sian petroleum product purchases by the end of in recent days to discuss the latest package of
2022. However, several states say they need more sanctions on Russia. Bulgaria, the Czech Repub-
time to adapt before a ban on Russian crude oil lic, Hungary and Slovakia have all expressed
imports can be adopted. concern over the plans for a fast phase-out of
“The work on the sixth sanctions package Russian oil.
continues,” Dombrovskis told journalists at the Dombrovskis also said that the EU is looking
European Bank for Reconstruction and Devel- at ways to give more support to the EBRD’s efforts
opment (EBRD) annual meeting in Marrakesh. to help Ukraine and other countries affected by
“If you look at pre-war trade between Russia the war, including through guarantees.
and the EU, 62% is hydrocarbons, meaning gas, The EBRD’s current focus in Ukraine is on
oil and coal. Coal is a relatively small part and projects to keep the economy afloat, including
we already banned Russian coal imports in the through support for food and energy security,
EU, so by putting sanctions on hydrocarbons we Renaud-Basso told journalists.
are really getting to the heart of the Kremlin war Dombrovskis estimated that the cost of
machine financing. That’s why it’s so important war damage to Ukraine amounts to around
this decision is taken.” €500bn-600bn.
Commenting on the progress towards adopt- The EBRD recently announced it has
ing additional sanctions, Dombrovskis pointed already put together a €2bn economic resil-
out that previous packages were also not adopted ience package to help Ukraine and neighbour-
immediately due to differences among member ing countries affected by the Russian invasion,
states. and more will come as the main effort at
“[A]t the end of the day all member states rebuilding starts. ™

Week 20 18•May•2022 www. NEWSBASE .com P11