The European Union will stop importing almost all Russian oil by the end of this year. Only Hungary and Slovakia will still be allowed to temporarily import oil from Russia, as no alternative supply is possible for these countries in the short term.
According to those involved, this boycott will affect about 90 percent of current Russian oil exports to Europe. Prime Minister Rutte pushed during discussions with his colleagues for a 'level playing field' for the seaports: nearly half of the Russian oil arriving in Rotterdam comes by tanker.
The Commission must ensure that other seaports also comply with the boycott to prevent unfair competition. Furthermore, the Commission must monitor that Hungary and Slovakia do not secretly resell Russian oil.
In addition to the oil boycott, Putin is being punished for the invasion of Ukraine by having the largest Russian bank (Sberbank) removed from the international payment system Swift. Also, broadcasts of three Russian broadcasters are banned in Europe because they spread lies.
The heads of government also want to speed up proposals the Commission presented earlier this month to disconnect Europe from all fossil energy (including gas) from Russia by the end of 2026 at the latest. For this, EU countries must jointly purchase gas and oil from more reliable suppliers. Furthermore, efforts will be made to increase energy savings and invest billions in renewable energy sources such as solar, wind, biogas, and hydrogen.
According to the Commission, these plans require 300 billion euros from the EU budget in the coming years. This involves unused loans (225 billion euros) from the EU recovery fund, the sale of CO2 emission rights (20 billion euros), and a different allocation of about 50 billion euros that would normally go to the agricultural and rural fund and funds for poorer regions. The member states and the European Parliament have not yet agreed on this financing.