EU further isolates Russia with boycott of gas and oil exports

EP Plenary session - Key debate - The social and economic consequences for the EU of the Russian war in Ukraine - reinforcing the EU's capacity to act

The European Union has launched a boycott against Russian oil exports and banned the largest Russian Sberbank from international payments. Plans are also underway for a full boycott of Russian gas purchases later this year.

To achieve this, the EU wants to obtain gas from other countries and encourage companies and households to use less gas. That should be done by the end of this year at the latest.

According to EC president Ursula von der Leyen, a lot of effort is being made to find other gas and oil suppliers, all over the world, but that has not yet been fully settled. Due to the sixth sanction package against Moscow, the energy supply in European agriculture, gas heating in Westland greenhouses and fertilizer production will also remain uncertain for a long time to come.

Von der Leyen and the EU commissioners also advocate increased financial support for the reception of Ukrainian refugees in Europe, and for the reconstruction of Ukraine after the war. According to von der Leyen, its own EU economy will also suffer from the stricter sanctions against Russia. 

The EU will also impose personal sanctions against Russian soldiers involved in the massacre and war crimes in the city of Bucha. Previously, proceedings had been initiated at the International Criminal Court (ICC) in The Hague. EU will also remove a few Russian 'propaganda channels' from European cable networks and media structures.

President Putin is now threatening counter-sanctions. He points out to the EU and also the United States that he is considering stopping the export of certain Russian products and raw materials. Last week he stopped all gas supplies to Poland and Bulgaria.

Since the start of the war in Ukraine on February 24, countries from the EU have already bought 47 billion euros of oil and gas from Russia. Putin pays for his war against Ukraine.