After US pressure, EU looks to accelerate Russian oil and gas withdrawal

Ursula von der Leyen, the head of the European Commission, said that new sanctions would include a quicker phase-out of Russian fuels. This comes after U.S. pressure for an end to Russian oil purchases.

EU officials are in Washington, D.C. to coordinate new sanctions against Russia with the Trump administration.

A White House official revealed that Trump, in an effort to end Russia’s war against Ukraine, had told European leaders to stop purchasing oil from Russia last week. Trump has also asked the EU to impose tariffs of up to 100% on China and India to put pressure on Moscow.

Von der Leyen stated that the 19th package of Russia sanction is being prepared and "we will be phasing-out Russian fossil fuels, the shadow fleet, and third countries faster".

The EU has already prohibited imports of seaborne oil from Russia, which accounts for more than 90% its Russian oil imports. It also imposed a cap on the price of Russian oil.

The bloc is currently negotiating legal proposals for the complete phase-out of Russian oil imports by January 1, 2028. New purchases and short term contracts will begin next year.

These deadlines could be accelerated by sanctions, but Hungary, Slovakia and other countries have opposed this so far, claiming that it would increase energy prices.

EU countries can agree on sanctions at unanimity while other legal proposals may be approved with the support of a consolidated majority.

Fuel revenues, as Russia's largest exports and most lucrative revenue sources, have helped Moscow fund its war with Ukraine.

Hungary and Slovakia import between 200,000-250,000 barrels of Russian oil per day, which is equivalent to about 3% of EU demand.

EU gas purchases remain much larger. According to EU figures, Europe will purchase 13% of its natural gas from Russia in 2018, down from 45% prior to Russia's invasion of Ukraine.

(source: Reuters)