Here are the main measures:
Oil
The Commission has proposed a total import ban on all Russian oil, whether transported by sea or by pipeline, crude or refined. The ban will be phased in, with purchases of crude oil coming into effect within six months and those of refined products by the end of the year.
Due to their heavy dependence on Russian oil and limited opportunities to buy crude elsewhere, Hungary and Slovakia will be able to continue buying Russian crude until the end of 2023 under existing contracts. .
Banks
The Commission wants to remove Sberbank, Russia’s largest bank, from the SWIFT international transaction and messaging system, along with two other major banks. The Commission did not name the two banks, but European officials told Reuters they were the Credit Bank of Moscow and the Russian Agricultural Bank.
People
Commission proposes to expand list of people banned from entering EU and whose EU assets are frozen by adding high-ranking military officers and others who have committed war crimes in the city of Buca and those responsible for the “inhuman siege” of the city of Mariupol. The Commission has not yet provided further details.
Media
The Commission wants to ban from the EU airwaves three major Russian public TV channels:
- Rossiya RTR/RTR Planeta
- Rossiya 24
- International TV Center
They will not be allowed to distribute their content in the EU via cable, satellite, the internet or via smartphone apps, as the EU believes they are spreading Kremlin disinformation.
Others
The Commission proposes to ban European companies from providing accounting, consultancy and public relations services to Russian companies.