Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious Outperformance
Find Stocks Now

Ukraine presses EU for full energy embargo on Russia

Published 2022-04-07, 08:01 a/m
© Reuters. FILE PHOTO: Ukrainian Foreign Minister Dmytro Kuleba speaks during a joint news conference with British Foreign Secretary Liz Truss (not pictured) at the British Embassy in Warsaw, Poland, April 4, 2022. REUTERS/Kuba Stezycki

By Robin Emmott

BRUSSELS (Reuters) -Ukraine on Thursday reiterated a demand that the EU impose a full oil and gas embargo on Russia and called for weapons deliveries to be speeded up, as the bloc promised a fifth round of sanctions against Moscow by Friday.

Foreign Minister Dmytro Kuleba addressed NATO's 30 members plus the European Union, Finland, Sweden, Japan, New Zealand and Australia, in a session of his counterparts convened to maintain broad backing for sanctions and arms supplies in response to Russia's invasion.

"We will continue to insist on a full oil and gas embargo," Kuleba said.

Outrage over killings of civilians in the Ukrainian town of Bucha near Kyiv appears to have galvanised Western support. Russia denies any wrongdoing there and says the evidence was fabricated.

EU lawmakers voted overwhelmingly in a non-binding resolution on Thursday for "an immediate full embargo" on Russian energy imports.

EU foreign policy chief Josep Borrell said a fifth package of EU sanctions, including a ban on coal, would be agreed on Thursday or Friday.

But the bloc's high level of dependency on Russian oil and particularly gas makes a broader energy embargo - which would cut off a significant source of revenue for Moscow's war - unlikely for the time being.

New U.S. sanctions announced on Wednesday exempted Russian energy purchases by European allies because many "remain heavily dependent on Russian natural gas, as well as oil, and they are committed to making the transition away from that ...as rapidly as possible," U.S. Treasury Secretary Janet Yellen said.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

An EU ban on Russian coal is likely to take full effect from mid-August, a month later than initially planned, following pressure from Germany to delay the measure, diplomats said.

MORE WEAPONS

Kuleba also called for more weapons for Ukraine.

"I think the deal that Ukraine is offering is fair. You give us weapons, we sacrifice our lives, and the war is contained in Ukraine," he said.

Kuleba urged Germany in particular to speed up weapons' deliveries, asking for planes, land-based anti-ship missiles, armoured vehicles and air defence systems. He said procedures were taking too long in Berlin.

German Foreign Minister Annalena Baerbock said she would discuss more arms sales to Ukraine with allies on Thursday in Brussels.

After more than 40 days of war, Ukraine says Russia continues to shell eastern cities after the Kremlin's forces withdrew from around Kyiv. Moscow calls its actions in Ukraine a "special military operation".

After the NATO session, G7 foreign ministers and the EU issued a statement condemning the "atrocities committed by the Russian armed forces in Bucha and a number of other Ukrainian towns", while NATO Secretary General Jens Stoltenberg warned of a war that could last months or even years.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.