The European Union is set to announce a ban on Russian oil amidst the ongoing crisis in Ukraine.
Ursula von der Leyen, the president of the European Commission, revealed this in a tweet.
She wrote: “Finally, we now propose a ban on Russian oil. Let’s be clear: it will not be easy. But we simply have to work on it.
“We will make sure that we phase out Russian oil in an orderly fashion. To maximize pressure on Russia, while minimizing the impact on our economies.
“We want Ukraine to win this war. Yet so much has to be rebuilt. That is why I am proposing to start working on an ambitious recovery package for our Ukrainian friends.
“This package should bring massive investment to meet the needs and the necessary reforms.”
Russia economy relies mainly on revenue generated from oil and gas, which in 2021 made up 45% of Russia’s federal budget. If the EU is successful in its sanction it would serve as a heavy blow to Russia economy.
The crisis between Russia and Ukraine began in February. Russia ordered the invasion of Ukraine due to political differences.
Lots of lives have been lost due to the war.