OIL MARKET: Brent, other Crudes prices rise over $108 per barrel as European Commission bans Russian oil
By Eyo Nsima
The prices of Brent and other crudes have risen over $108 per barrel as the European Commission, EC, officially proposed a full ban on Russian crude and oil product imports by the end of 2022.
Speaking at the Parliament, Wednesday, European Commission President, Ursula von der Leyen, said: “Let us be clear: it will not be easy. Some Member States are strongly dependent on Russian oil. But we simply have to work on it. We now propose a ban on Russian oil. This will be a complete import ban on all Russian oil, seaborne and pipeline, crude and refined.
“We will make sure that we phase out Russian oil in an orderly fashion, in a way that allows us and our partners to secure alternative supply routes and minimises the impact on global markets. This is why we will phase out Russian supply of crude oil within six months and refined products by the end of the year.
“Thus, we maximise pressure on Russia, while at the same time minimising collateral damage to us and our partners around the globe.”
The details of sanction included kicking Sberbank and two other major banks, out of SWIFT. It also included sanctioning three big Russian state-owned broadcasters from EU airwaves.
