Capping the price of Russian oil would be an unprecedented action, and some analysts believe it could backfire. G7 members agreed on&nbsp;Friday that they want to pursue this strategy "urgently."

How would a cap work?&nbsp;

In order to keep Moscow's profits in check while it continues its war against Ukraine, Russian oil would be bought at a discount from current market rates. However, Moscow would keep the price above the cost of production to encourage the export of the oil.&nbsp;

A US Treasury official suggested that the discounted rates, which were determined separately for crude oil and refined petroleum products, may be periodically altered.

Are there any precedents?&nbsp;

There have been international mechanisms designed to stop a country from exporting oil, as those currently targeting Iran and Venezuela, or to limit commerce, like the UN "Oil-for-Food" programme, which from 1995 to 2003 only permitted Iraq to sell oil to pay for food, medicine, and humanitarian needs.&nbsp;

However, there has never been an attempt to impose a country with a different pricing.

Will others join the G7 plan?&nbsp;

British, Canadian, French, German, Italian, Japanese, and American G7 members have already curtailed or suspended their oil purchases from Russia.&nbsp;

However, participation from other nations is necessary for the strategy to succeed, especially large nations like China and India, two of Russia's most significant trading partners.&nbsp;

While the G7 proposal may lead to reduced costs, Bill O'Grady of Confluence Investment said that "China and India are already getting cheaper — cheap enough — oil."

How will Russia react?&nbsp;

Russia will need to give in to pressure and carry on exporting to the participating nations for the price cap to be effective.&nbsp;

Alexander Novak, Russia's deputy prime minister, issued a warning on Thursday, telling nations who set price caps on petroleum goods that Moscow would not supply to them.&nbsp;

The price of oil increased Friday. Kilduff credited the G7 statement for that, at least in part. He claimed that it had sparked worries about a global supply shortage and a resulting harmful price increase.&nbsp;

Even if they have already fallen from their peaks just after the Russian invasion in February, oil prices are still exceedingly high and unstable.

Would a cap undercut European sanctions?&nbsp;

With the exception of three members, the European Union is getting ready to forbid not just the purchase of Russian petroleum as of December 5, but also the reimbursement of travel expenses to non-EU countries by European insurance.&nbsp;

With regard to the insurance restrictions, O'Grady stated, "I do think that Washington is really uncomfortable," adding that they would "really be a big deal."&nbsp;

About 90% of maritime petroleum transit is covered by British and EU parties.&nbsp;

The US-initiated price-capping plan would lessen the impact of the embargo by exempting the transport of cargoes sold at a discount from the embargo. The G7 later supported the concept.

(with inputs from agencies)

Capping the price of Russian oil would be an unprecedented action, and some analysts believe it could backfire. G7 members agreed on Friday that they want to pursue this strategy "urgently.

Capping the price of Russian oil would be an unprecedented action, and some analysts believe it could backfire. G7 members agreed on Friday that they want to pursue this strategy "urgently." How would a cap work? In order to keep Moscow's profits in check while it continues its war against Ukraine, Russian oil would be bought at a discount from current market rates. However, Moscow would keep the price above the cost of production to encourage the export of the oil. A US Treasury official suggested that the discounted rates, which were determined separately for crude oil and refined petroleum products, may be periodically altered. Are there any precedents? There have been international mechanisms designed to stop a country from exporting oil, as those currently targeting Iran and Venezuela, or to limit commerce, like the UN "Oil-for-Food" programme, which from 1995 to 2003 only permitted Iraq to sell oil to pay for food, medicine, and humanitarian needs. However, there has never been an attempt to impose a country with a different pricing. Will others join the G7 plan? British, Canadian, French, German, Italian, Japanese, and American G7 members have already curtailed or suspended their oil purchases from Russia. However, participation from other nations is necessary for the strategy to succeed, especially large nations like China and India, two of Russia's most significant trading partners. While the G7 proposal may lead to reduced costs, Bill O'Grady of Confluence Investment said that "China and India are already getting cheaper — cheap enough — oil." How will Russia react? Russia will need to give in to pressure and carry on exporting to the participating nations for the price cap to be effective. Alexander Novak, Russia's deputy prime minister, issued a warning on Thursday, telling nations who set price caps on petroleum goods that Moscow would not supply to them. The price of oil increased Friday. Kilduff credited the G7 statement for that, at least in part. He claimed that it had sparked worries about a global supply shortage and a resulting harmful price increase. Even if they have already fallen from their peaks just after the Russian invasion in February, oil prices are still exceedingly high and unstable. Would a cap undercut European sanctions? With the exception of three members, the European Union is getting ready to forbid not just the purchase of Russian petroleum as of December 5, but also the reimbursement of travel expenses to non-EU countries by European insurance. With regard to the insurance restrictions, O'Grady stated, "I do think that Washington is really uncomfortable," adding that they would "really be a big deal." About 90% of maritime petroleum transit is covered by British and EU parties. The US-initiated price-capping plan would lessen the impact of the embargo by exempting the transport of cargoes sold at a discount from the embargo. The G7 later supported the concept. (with inputs from agencies)

Explained: Can 'risky' G7 cap on Russian oil prices backfire?

Disclaimer: A number of claims and counterclaims are being made on the Ukraine-Russia conflict on the ground and online. While WION takes utmost care to accurately report this developing news story, we cannot independently verify the authenticity of all statements, photos and videos.

Disclaimer: A number of claims and counterclaims are being made on the Ukraine-Russia conflict on the ground and online. While WION takes utmost care to accurately report this developing news story, we cannot independently verify the authenticity of all statements, photos and videos. Ukraine's foreign minister Dmytro Kuleba alleged that the Russian crude oil, India has been importing has "Ukrainian blood" even as he hoped for more support from New Delhi. Speaking to a select group of journalists from South and South-East Asia virtually, the foreign minister claimed, "When India purchases Russian crude oil with high discounts from Russia, they have to understand this discount is paid with Ukrainian blood." "Ukrainian killed, tortured, raped people with destroyed cities and towns. Every barrel of Russian crude oil delivered to India has a good portion of Ukrainian blood in it," he further said. While India has progressively increased its import of Russian crude oil since February, it is still less than the energy Europe imports from Russia. It was in February, that Russia invaded Ukraine, something that not only impacted Europe but also global food security. The foreign minister said that "two democracies, theoretically, have to stand by each other. However, yes, we know, that India is buying Russian crude oil. We are not surprised by that." He alleged, "Throughout human history, in every conflict, every war, there are those who suffer from the war, there are those who make money from the war." While there hasn't been any reaction by New Delhi over the comments by minister Kuleba, external affairs minister Dr S Jaishankar has several times pointed to how Europe continues to import energy from Russia. In June, at the Bratislava Forum on foreign policy, he questioned, "Is buying Russian gas not funding the war? It’s only Indian money and oil coming to India that funds it, but not the gas coming to Europe?" The Ukrainian foreign minister, in his response, hoped to build "very open relations with India" and that his country "expected stronger practical support from India to Ukraine under the current circumstances." He even highlighted the evacuation of foreign students, especially the Indian students who "always considered Ukraine as a second home, whom we always considered as part of our society." India was able to bring back more than 22,000 of its nationals, mostly students, since February 1. Under Operation Ganga launched for evacuation, 90 evacuation flights, of which 76 were by commercial airlines and 14 were by IAF were operated at the Indian government's cost. The Ukrainian FM also commented on the Russia and Myanmar engagement saying, "Russia wants to put its foot in the security environment and use Myanmar as a leverage in its relations with India and other neighbouring countries." He warned that "you must be careful of the strategic intentions of Russia's presence in Myanmar and strengthen relations because in the end it will be a security presence of Russia next to you, will be your problem and your national security risk." Recently, Russian foreign minister Sergey Lavrov visited Myanmar. That was also the first high-level visit from Russia to Myanmar since the coup in the country last year. The Ukraine FM spoke on ties with Pakistan saying that the "relationship has a big potential to be exploited" and that his country expects a "greater solidarity of Pakistan with Ukraine, under the current circumstances". Asked about Imran Khan's visit to Moscow in February, he said, "It is the choice of every leader of the world to decide if he/she wants to shake the hand of President Putin or not. We cannot impose decisions on them. They represent sovereign nations, to make choices. But in our view, it is shameful to provide, to offer any understanding, any sympathy to President Putin of Russia for everything he has done." The then PM of Pakistan Imran Khan was in Russia on the day the Russian President announced the invasion of Ukraine, in what was seen as an embarrassment for Islamabad. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Russian oil imported by India has Ukrainian blood, alleges Ukraine's foreign minister

There have been several occasions where Pakistan’s former prime minister Imran Khan has praised India for its strong independent foreign policy. He often expressed admiration of the Indian establishment for buying Russian oil in large quantities and defying sanctions imposed by the US following the invasion of Ukraine.

He has often used India’s strong policy to drive home the point that Pakistan’s ruling coalition government headed by Prime Minister Shehbaz Sharif is meek in pursuing its own interests.

On Saturday, Khan went a step further to express his appreciation by playing out a video clip of India's foreign minister Dr S Jaishankar during his mega Lahore Rally.

He pointed out how India is buying Russian oil despite the western pressure, while Pakistan is struggling to secure its people’s interest. 
 
He then added, “Yeh hoti hai azad haqumat (This is what a strong and independent government looks like).”

“India, which got independence a day after us, is able to take a firm stand and design its foreign policy as per its people’s needs. Then why&nbsp;are they (Shehbaz) towing their (West) line.”

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Former Pak PM Imran Khan plays out video clip of India's foreign minister Dr S Jaishankar during his mega Lahore Rally on Saturday, pointing out his remarks how India is buying Russian oil despite western pressure. Says, 'yeh hoti hai Azad Haqumat' <a href="https://t.co/tsSiFLteIv">pic.twitter.com/tsSiFLteIv</a>
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The Indian foreign minister clip&nbsp;Imran Khan was referring to was about an interaction session at the annual Bratislava Forum, organised by the think tank GLOBSEC in the Slovakian capital.

Jaishanakar, who was a keynote speaker, was responding to a question about India’s Russian oil purchases funding the war in Ukraine.

When he was asked by the moderator if India’s oil purchases are helping Russia’s cause in Ukraine, Jaishankar hit back saying, “Look I don't want to sound argumentative. If India buying Russia oil is funding the war... Tell me then, buying Russian gas is not funding the war? It's only Indian money and Russian oil coming to India funding the war and Russia's gas coming to Europe is not funding? Let's be a little even-handed.” he said.

He also spoke of&nbsp;how India’s increasing oil purchases are being played up without giving consideration to the low base of the previous imports.

"Europe is buying oil, Europe is buying gas...new package of sanctions, it is designed in a way that consideration has been given to the welfare of the population, pipeline have carve-outs... if you can be considerate to yourself, you can be considerate to other people. If Europe says, if we have to manage it in a way impact on the economy is not traumatic, that freedom should exist for other people as well,” he added.

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There have been several occasions where Pakistan’s former prime minister Imran Khan has praised India for its strong independent foreign policy. He often expressed admiration of the Indian establishment for buying Russian oil in large quantities and defying sanctions imposed by the US following the invasion of Ukraine.

There have been several occasions where Pakistan’s former prime minister Imran Khan has praised India for its strong independent foreign policy. He often expressed admiration of the Indian establishment for buying Russian oil in large quantities and defying sanctions imposed by the US following the invasion of Ukraine. He has often used India’s strong policy to drive home the point that Pakistan’s ruling coalition government headed by Prime Minister Shehbaz Sharif is meek in pursuing its own interests. On Saturday, Khan went a step further to express his appreciation by playing out a video clip of India's foreign minister Dr S Jaishankar during his mega Lahore Rally. He pointed out how India is buying Russian oil despite the western pressure, while Pakistan is struggling to secure its people’s interest. He then added, “Yeh hoti hai azad haqumat (This is what a strong and independent government looks like).” “India, which got independence a day after us, is able to take a firm stand and design its foreign policy as per its people’s needs. Then why are they (Shehbaz) towing their (West) line.” Former Pak PM Imran Khan plays out video clip of India's foreign minister Dr S Jaishankar during his mega Lahore Rally on Saturday, pointing out his remarks how India is buying Russian oil despite western pressure. Says, 'yeh hoti hai Azad Haqumat' pic.twitter.com/tsSiFLteIv — Sidhant Sibal (@sidhant) August 14, 2022 × The Indian foreign minister clip Imran Khan was referring to was about an interaction session at the annual Bratislava Forum, organised by the think tank GLOBSEC in the Slovakian capital. Jaishanakar, who was a keynote speaker, was responding to a question about India’s Russian oil purchases funding the war in Ukraine. When he was asked by the moderator if India’s oil purchases are helping Russia’s cause in Ukraine, Jaishankar hit back saying, “Look I don't want to sound argumentative. If India buying Russia oil is funding the war... Tell me then, buying Russian gas is not funding the war? It's only Indian money and Russian oil coming to India funding the war and Russia's gas coming to Europe is not funding? Let's be a little even-handed.” he said. He also spoke of how India’s increasing oil purchases are being played up without giving consideration to the low base of the previous imports. "Europe is buying oil, Europe is buying gas...new package of sanctions, it is designed in a way that consideration has been given to the welfare of the population, pipeline have carve-outs... if you can be considerate to yourself, you can be considerate to other people. If Europe says, if we have to manage it in a way impact on the economy is not traumatic, that freedom should exist for other people as well,” he added. WATCH WION LIVE HERE

Imran Khan plays Jaishankar’s clip at rally, lauds India for resisting US pressure on Russian oil

Energy supply concerns grip three European nations as Russian oil supply through Ukraine has been halted. According to Russian oil firm Transneft, transit payment issues was the reason behind its move.

Russian oil transit halted via Druzhba pipeline to central Europe

Saudi Arabia, one of the largest producers of oil, has joined the growing list of countries importing Russian oil despite Western sanctions.

According to data reviewed by Reuters news agency, the Gulf country imported 647,000 tonnes of Russian oil in the second quarter, i.e., from April to June. In the same period a year ago, Saudi imported 320,000 tonnes of oil.

For the full year 2021, Saudi Arabia imported 1.05 million tonnes of Russian fuel oil, Reuters said citing the data obtained through Refinitiv Eikon ship tracking.

The kingdom’s reliance on Russian oil is at odds with their Western allies who have been seeking to choke the Russian treasury through its sanctions, even as Vladimir Putin continues to fund his war with oil and gas for cheap prices.

"Saudi Arabia has indeed been ramping up imports of Russian fuel oils as there are no sanctions preventing this from happening," Peter La Cour, an oil analyst at Energy Aspects, told Bloomberg.

"Russian fuel oil is the cheapest barrel available to fuel Saudi summer power generation demand and makes economic sense."

Apart from Saudi, major buyers of Russian oil have been India and China, who are struggling to control inflation that has shot up due recently after the Russian-Ukraine war.

Also read |&nbsp;<a href="https://www.wionews.com/world/joe-biden-raised-jamal-khashoggis-murder-during-meeting-with-saudi-crown-prince-497807">Joe Biden tells Saudi Crown Prince he is responsible for Khashoggi's Murder</a>

Saudi has been importing Russian oil through Egypt, accounting for at least 110,000 barrels per day in June. Cairo also imported 70,000 barrels per day from Russia in June, Reuters said.

This development comes at a time when US President Joe Biden is on a visit to the kingdom in a bid to restore diplomatic relationships, bolster security and more importantly, increase the global flow of oil.

(With inputs from agencies)

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Saudi Arabia, one of the largest producers of oil, has joined the growing list of countries importing Russian oil despite Western sanctions. According to data reviewed by Reuters news agency, the Gulf country imported 647,000 tonnes of Russian oil in the second quarter, i.

Saudi Arabia, one of the largest producers of oil, has joined the growing list of countries importing Russian oil despite Western sanctions. According to data reviewed by Reuters news agency, the Gulf country imported 647,000 tonnes of Russian oil in the second quarter, i.e., from April to June. In the same period a year ago, Saudi imported 320,000 tonnes of oil. For the full year 2021, Saudi Arabia imported 1.05 million tonnes of Russian fuel oil, Reuters said citing the data obtained through Refinitiv Eikon ship tracking. The kingdom’s reliance on Russian oil is at odds with their Western allies who have been seeking to choke the Russian treasury through its sanctions, even as Vladimir Putin continues to fund his war with oil and gas for cheap prices. "Saudi Arabia has indeed been ramping up imports of Russian fuel oils as there are no sanctions preventing this from happening," Peter La Cour, an oil analyst at Energy Aspects, told Bloomberg. "Russian fuel oil is the cheapest barrel available to fuel Saudi summer power generation demand and makes economic sense." Apart from Saudi, major buyers of Russian oil have been India and China, who are struggling to control inflation that has shot up due recently after the Russian-Ukraine war. Also read | Joe Biden tells Saudi Crown Prince he is responsible for Khashoggi's Murder Saudi has been importing Russian oil through Egypt, accounting for at least 110,000 barrels per day in June. Cairo also imported 70,000 barrels per day from Russia in June, Reuters said. This development comes at a time when US President Joe Biden is on a visit to the kingdom in a bid to restore diplomatic relationships, bolster security and more importantly, increase the global flow of oil. (With inputs from agencies) WATCH WION LIVE HERE

Saudi’s oil import from Russia doubles in second quarter: Report

An Indian cement manufacturer recently purchased Russian coal by paying with the yuan currency with the help of India’s biggest private bank, HDFC Bank, news agency Reuters reported.

The main aim of the report was not to pinpoint that the purchase breaches the sanctions imposed by the West on Russia in the wake of the Ukrainian invasion.&nbsp;Rather it seeks to highlight the various ways Russia can sell items abroad without heavily relying on the US dollar.

Citing an invoice dated June 5 and a source familiar with the matter, Reuters reported that HDFC Bank backed cement maker Ultratech's purchase of Russian coal from producer and trader SUEK for 172.7 million yuan ($25.74 million).

The HDFC Bank’s Mumbai branch of Andheri East issued the letter of credit for the deal, according to the invoice.

The dollar is the currency of choice for global trade in raw materials, but some traders say the yuan could be increasingly used to settle payments for supplies from Russia.

In the invoice, SUEK requests Ultratech remit the 172.7 million yuan to SUEK's account at the Shanghai branch of China Everbright Bank. SUEK lists the Hong Kong branch of international lender HSBC as the correspondent bank. &nbsp;A correspondent bank acts as a middleman in the transfer of money from one bank to another.

Reuters could not determine if a payment had been received by China Everbright or if HSBC or any other bank was involved in a transfer of funds. HDFC Bank and HSBC declined to comment. Ultratech, SUEK and China Everbright Bank did not respond to requests for comment.&nbsp;

It was not clear from the invoice which currencies were used to effect the yuan payment. The amount listed was quoted in Chinese yuan and Reuters reported last week that Ultratech imported 157,000 tonnes of coal from Switzerland-registered SUEK and agreed to settle the final payment in that currency.

Greater use of the yuan to settle payments could help insulate Moscow from punishment and bolster Beijing's push to further internationalise the yuan and chip away at the dominance of the U.S. dollar in global trade.

(With inputs from agencies)

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An Indian cement manufacturer recently purchased Russian coal by paying with the yuan currency with the help of India’s biggest private bank, HDFC Bank, news agency Reuters reported.

An Indian cement manufacturer recently purchased Russian coal by paying with the yuan currency with the help of India’s biggest private bank, HDFC Bank, news agency Reuters reported. The main aim of the report was not to pinpoint that the purchase breaches the sanctions imposed by the West on Russia in the wake of the Ukrainian invasion. Rather it seeks to highlight the various ways Russia can sell items abroad without heavily relying on the US dollar. Citing an invoice dated June 5 and a source familiar with the matter, Reuters reported that HDFC Bank backed cement maker Ultratech's purchase of Russian coal from producer and trader SUEK for 172.7 million yuan ($25.74 million). The HDFC Bank’s Mumbai branch of Andheri East issued the letter of credit for the deal, according to the invoice. The dollar is the currency of choice for global trade in raw materials, but some traders say the yuan could be increasingly used to settle payments for supplies from Russia. In the invoice, SUEK requests Ultratech remit the 172.7 million yuan to SUEK's account at the Shanghai branch of China Everbright Bank. SUEK lists the Hong Kong branch of international lender HSBC as the correspondent bank. A correspondent bank acts as a middleman in the transfer of money from one bank to another. Reuters could not determine if a payment had been received by China Everbright or if HSBC or any other bank was involved in a transfer of funds. HDFC Bank and HSBC declined to comment. Ultratech, SUEK and China Everbright Bank did not respond to requests for comment. It was not clear from the invoice which currencies were used to effect the yuan payment. The amount listed was quoted in Chinese yuan and Reuters reported last week that Ultratech imported 157,000 tonnes of coal from Switzerland-registered SUEK and agreed to settle the final payment in that currency. Greater use of the yuan to settle payments could help insulate Moscow from punishment and bolster Beijing's push to further internationalise the yuan and chip away at the dominance of the U.S. dollar in global trade. (With inputs from agencies) WATCH WION LIVE HERE

Indian cement maker used yuan to purchase Russian coal: Report

In a move that could force out Shell and Japanese investors, Russian President Vladimir Putin has issued a decree that seizes full control of the Sakhalin-2 gas and oil project.

According to Kremlin, Russia will now decide whether the foreign partners can stay or not as state-run Gazprom has a 50 per cent plus one share stake in Sakhalin-2.

Although Moscow said it saw no reason for Sakhalin-2 deliveries to stop, the move threatens to unsettle an already tight LNG market.

Under a long-term contract from Sakhalin-2, Japan imports 10 per cent&nbsp;of its LNG each year from Russia as the country's trading companies Mitsui and Mitsubishi hold just under 50 per cent in the project.

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Lucy Cullen, a principal analyst from consultancy Wood Mackenzie, told news agency Reuters that "Russia's decree effectively expropriates foreign stakes in the Sakhalin Energy Investment Company, marking a further escalation in ongoing tensions."

Putin's move adds complications to an already complex process for those looking for an exit although many Western firms have already packed up.

To allow the state to seize assets of Western firms which decide to go, Moscow has been preparing a law.

Shell, which has a 27.5 per cent minus one share stake in Sakhalin-2, has already written off the value of its Russian assets and&nbsp;is in talks to sell it.

With an output of 12 million tonnes, Sakhalin-2 is one of the world's largest LNG projects and its cargoes mainly head to Japan, South Korea, China, India and other Asian countries.

(With inputs from agencies)

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In a move that could force out Shell and Japanese investors, Russian President Vladimir Putin has issued a decree that seizes full control of the Sakhalin-2 gas and oil project.

In a move that could force out Shell and Japanese investors, Russian President Vladimir Putin has issued a decree that seizes full control of the Sakhalin-2 gas and oil project. According to Kremlin, Russia will now decide whether the foreign partners can stay or not as state-run Gazprom has a 50 per cent plus one share stake in Sakhalin-2. Although Moscow said it saw no reason for Sakhalin-2 deliveries to stop, the move threatens to unsettle an already tight LNG market. Under a long-term contract from Sakhalin-2, Japan imports 10 per cent of its LNG each year from Russia as the country's trading companies Mitsui and Mitsubishi hold just under 50 per cent in the project. × Lucy Cullen, a principal analyst from consultancy Wood Mackenzie, told news agency Reuters that "Russia's decree effectively expropriates foreign stakes in the Sakhalin Energy Investment Company, marking a further escalation in ongoing tensions." Putin's move adds complications to an already complex process for those looking for an exit although many Western firms have already packed up. To allow the state to seize assets of Western firms which decide to go, Moscow has been preparing a law. Shell, which has a 27.5 per cent minus one share stake in Sakhalin-2, has already written off the value of its Russian assets and is in talks to sell it. With an output of 12 million tonnes, Sakhalin-2 is one of the world's largest LNG projects and its cargoes mainly head to Japan, South Korea, China, India and other Asian countries. (With inputs from agencies) Watch WION's live TV here:

Vladimir Putin issues decree to seize full control of the Sakhalin-2 gas and oil project

In what would be a significant uptick in the campaign to punish the Kremlin for its invasion of Ukraine, the United States as per an AFP report claimed on Monday that the G7 nations are nearing an agreement on a strategy to impose a lower price for Russian oil.&nbsp;Describing talks among the G7 nations as 'advancing' a senior US official, speaking to AFP on the condition of anonymity, said: "We're still in final discussions with other G7 counterparts working to finalise this, but we're very close to a place where G7 leaders will have decided to urgently direct relevant ministers to develop mechanisms to set a global price cap for Russian oil."

Watch |&nbsp;G7 allies seek to close ranks against Russia

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Talking to the press at the G7 conference in Germany, President Joe Biden's national security adviser, Jake Sullivan, told reporters that a "consensus" was emerging and "the price cap is a serious method to achieve that outcome."

The targeting of the oil industry marks the biggest economic stakes so far, despite the fact that the West has already imposed numerous levels of sanctions on Russia.

Also read |&nbsp;<a href="https://www.wionews.com/world/now-is-not-the-time-for-negotiations-with-russia-zelensky-to-g7-countries-492242" hreflang="en">Now is not the time for negotiations with Russia, Zelensky to G7 countries</a>

Reportedly, the strategy aims to "force down the price of Russian oil" and deprive the Kremlin of its "main source of cash."

According to the plan, consuming nations would essentially set a low price for Russian oil, which Moscow would be forced to accept because it needs the money.

However, there are significant doubts over the unity of the consuming nations and whether Russia would actually bow down or whether it might instead respond by shutting off the energy supply to Europe.

(With inputs from agencies)

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In what would be a significant uptick in the campaign to punish the Kremlin for its invasion of Ukraine, the United States as per an AFP report claimed on Monday that the G7 nations are nearing an agreement on a strategy to impose a lower price for Russian oil.

In what would be a significant uptick in the campaign to punish the Kremlin for its invasion of Ukraine, the United States as per an AFP report claimed on Monday that the G7 nations are nearing an agreement on a strategy to impose a lower price for Russian oil. Describing talks among the G7 nations as 'advancing' a senior US official, speaking to AFP on the condition of anonymity, said: "We're still in final discussions with other G7 counterparts working to finalise this, but we're very close to a place where G7 leaders will have decided to urgently direct relevant ministers to develop mechanisms to set a global price cap for Russian oil." Watch | G7 allies seek to close ranks against Russia Talking to the press at the G7 conference in Germany, President Joe Biden's national security adviser, Jake Sullivan, told reporters that a "consensus" was emerging and "the price cap is a serious method to achieve that outcome." The targeting of the oil industry marks the biggest economic stakes so far, despite the fact that the West has already imposed numerous levels of sanctions on Russia. Also read | Now is not the time for negotiations with Russia, Zelensky to G7 countries Reportedly, the strategy aims to "force down the price of Russian oil" and deprive the Kremlin of its "main source of cash." According to the plan, consuming nations would essentially set a low price for Russian oil, which Moscow would be forced to accept because it needs the money. However, there are significant doubts over the unity of the consuming nations and whether Russia would actually bow down or whether it might instead respond by shutting off the energy supply to Europe. (With inputs from agencies) Watch WION LIVE HERE: You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

G7 leaders strategise to 'force down the price of Russian oil' and target Moscow's 'main source of cash'

This weakened, the Group of 7 (G7) countries, the world’s wealthiest, will converge in Germany’s Bavarian Alps to discuss pressing matters like the Russian invasion of Ukraine, sanctions on Russian oil, economic and environmental crises.

On Sunday, German Chancellor Olaf Scholz will host this year's G7&nbsp;summit of leaders from France, the United Kingdom, Italy, Japan, Canada, and the United States, at a five-star hotel in Elmau.

Apart from that, other countries such as India, Argentina, Indonesia, Senegal and South Africa have also been invited as part of the grouping’s efforts to broaden the engagement.

Though Ukraine will be the top of the agenda, there are also other pressing issues that will be discussed.

Price cap on Russian oil?

According to Politico, US and other West allies have expressed disappointment that their sanctions are being skirted by countries like India and China—who have turned out to be the biggest buyers of Russian crude due to the discounts being offered by Moscow.

US Treasury Secretary Janet Yellen has proposed to tackle this issue with a price cap, meaning the West might lift the embargo for those countries that accepted to only buy Russian oil at an agreed maximum price.

US officials claim that Russia and its oil-purchasing partner countries are struggling to find insurance for tankers, and that the price cap can be used as a leverage in exchange for sanctions relief.

‘Climate club’ and post-Covid economic recovery

At the G7 summit, the German government intends to promote international climate cooperation by establishing a climate club. This club is envisioned to&nbsp;foster the implementation of the Paris climate goals, and better coordinate carbon pricing and other schemes for reducing emissions.

A bigger session with the invited countries and international organisations will discuss ways to make a “clean and just transition to climate neutrality”.

The countries will also deliberate on ways to secure energy supplies and control the global soaring fuel prices. They will also brainstorm on the COVID-19 pandemic, strengthening preparedness and response, and improving the global health architecture.

They will also discuss the darkening global economic outlook, the official said - the challenge being controlling government spending without sending the economy into shock.

(With inputs from agencies)

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This weakened, the Group of 7 (G7) countries, the world’s wealthiest, will converge in Germany’s Bavarian Alps to discuss pressing matters like the Russian invasion of Ukraine, sanctions on Russian oil, economic and environmental crises.

This weakened, the Group of 7 (G7) countries, the world’s wealthiest, will converge in Germany’s Bavarian Alps to discuss pressing matters like the Russian invasion of Ukraine, sanctions on Russian oil, economic and environmental crises. On Sunday, German Chancellor Olaf Scholz will host this year's G7 summit of leaders from France, the United Kingdom, Italy, Japan, Canada, and the United States, at a five-star hotel in Elmau. Apart from that, other countries such as India, Argentina, Indonesia, Senegal and South Africa have also been invited as part of the grouping’s efforts to broaden the engagement. Though Ukraine will be the top of the agenda, there are also other pressing issues that will be discussed. Price cap on Russian oil? According to Politico, US and other West allies have expressed disappointment that their sanctions are being skirted by countries like India and China—who have turned out to be the biggest buyers of Russian crude due to the discounts being offered by Moscow. US Treasury Secretary Janet Yellen has proposed to tackle this issue with a price cap, meaning the West might lift the embargo for those countries that accepted to only buy Russian oil at an agreed maximum price. US officials claim that Russia and its oil-purchasing partner countries are struggling to find insurance for tankers, and that the price cap can be used as a leverage in exchange for sanctions relief. ‘Climate club’ and post-Covid economic recovery At the G7 summit, the German government intends to promote international climate cooperation by establishing a climate club. This club is envisioned to foster the implementation of the Paris climate goals, and better coordinate carbon pricing and other schemes for reducing emissions. A bigger session with the invited countries and international organisations will discuss ways to make a “clean and just transition to climate neutrality”. The countries will also deliberate on ways to secure energy supplies and control the global soaring fuel prices. They will also brainstorm on the COVID-19 pandemic, strengthening preparedness and response, and improving the global health architecture. They will also discuss the darkening global economic outlook, the official said - the challenge being controlling government spending without sending the economy into shock. (With inputs from agencies) WATCH WION LIVE HERE

G7 Summit: What will be on the agenda at the meet?

One of US President Joe Biden’s economic advisers has said that India and China may have been buying more Russian oil than previously believed by the US government. He said that purchase of Russian oil by the two large countries is easing supply constraints in global markets and driving the recent oil price decline.

West Texas Intermediate lost 5.6 per cent to $103.31 a barrel, while Brent was off 5.2 per cent at $108.62.

In an interview to the Bloomberg TV on Wednesday, Cecilia Rouse, chair of Biden’s Council of Economic Advisers, said, “Right now, in particular, oil markets are rather volatile.”

“I have heard part of the explanation is that China&nbsp;and&nbsp;India&nbsp;are actually purchasing more of Russian oil than maybe we believe, so that there’s more supply on the market.”

With West sanctions hanging over Russia in the wake of the Ukrainian war, Vladimir Putin has been selling the Russian oil to the Asian markets at a discount amid huge demand.

At the start of 2022, some two-thirds of Russian crude was being exported to Europe, now about 50 per cent of the nation’s oil is going to Asia, according to Gazprom Neft Chief Executive Officer Alexander Dyukov.

Most of the additional oil has gone to two countries—China and India—reports the New York Times citing shipping data by Kpler, a market research firm.

China’s imports of Russian oil rose 28 per cent in May from the previous month, hitting a record high and helping Russia overtake Saudi Arabia as China’s largest supplier.

The other biggest importer of Russian oil has been India, which has gone from taking in almost no Russian oil to bringing in more than 760,000 barrels a day.

Moreover, the Indian government has asked state-owned oil companies to buy large volumes of Russian crude as prices have fallen sharply during Moscow's war against Ukraine, The Wall Street Journal (WSJ) reported on Tuesday.

Also read |&nbsp;<a href="https://www.wionews.com/world/russian-oil-supplies-to-china-and-india-are-growing-noticeably-says-vladimir-putin-490706">Russian oil supplies to China and India are growing noticeably, says Vladimir Putin</a>

Indian companies have been finding ways to keep purchasing Russian oil despite the latest round of sanctions from Europe, the report said.

Also read |&nbsp;<a href="https://www.wionews.com/india-news/cant-finger-point-india-says-german-envoy-lindner-on-russian-oil-import-484859">Can't 'finger point' India, says German Envoy Lindner on Russian oil import</a>

To boost the appeal of its oil, Russian petroleum company Rosneft has allowed traders to pay for its crude months after delivery without a letter of credit from a bank, the WSJ reported.

(With inputs from agencies)

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One of US President Joe Biden’s economic advisers has said that India and China may have been buying more Russian oil than previously believed by the US government.

One of US President Joe Biden’s economic advisers has said that India and China may have been buying more Russian oil than previously believed by the US government. He said that purchase of Russian oil by the two large countries is easing supply constraints in global markets and driving the recent oil price decline. West Texas Intermediate lost 5.6 per cent to $103.31 a barrel, while Brent was off 5.2 per cent at $108.62. In an interview to the Bloomberg TV on Wednesday, Cecilia Rouse, chair of Biden’s Council of Economic Advisers, said, “Right now, in particular, oil markets are rather volatile.” “I have heard part of the explanation is that China and India are actually purchasing more of Russian oil than maybe we believe, so that there’s more supply on the market.” With West sanctions hanging over Russia in the wake of the Ukrainian war, Vladimir Putin has been selling the Russian oil to the Asian markets at a discount amid huge demand. At the start of 2022, some two-thirds of Russian crude was being exported to Europe, now about 50 per cent of the nation’s oil is going to Asia, according to Gazprom Neft Chief Executive Officer Alexander Dyukov. Most of the additional oil has gone to two countries—China and India—reports the New York Times citing shipping data by Kpler, a market research firm. China’s imports of Russian oil rose 28 per cent in May from the previous month, hitting a record high and helping Russia overtake Saudi Arabia as China’s largest supplier. The other biggest importer of Russian oil has been India, which has gone from taking in almost no Russian oil to bringing in more than 760,000 barrels a day. Moreover, the Indian government has asked state-owned oil companies to buy large volumes of Russian crude as prices have fallen sharply during Moscow's war against Ukraine, The Wall Street Journal (WSJ) reported on Tuesday. Also read | Russian oil supplies to China and India are growing noticeably, says Vladimir Putin Indian companies have been finding ways to keep purchasing Russian oil despite the latest round of sanctions from Europe, the report said. Also read | Can't 'finger point' India, says German Envoy Lindner on Russian oil import To boost the appeal of its oil, Russian petroleum company Rosneft has allowed traders to pay for its crude months after delivery without a letter of credit from a bank, the WSJ reported. (With inputs from agencies) WATCH WION LIVE HERE

India, China purchasing more Russian oil than earlier believed, says US

The ongoing Russian invasion of Ukraine has prompted the United States and other western countries to impose hard sanctions of Russia and the European Union (EU) has also been trying to decrease oil and gas imports from the country. However, India and China have been importing oil supplies from Russia even now and President Vladimir Putin said at the BRICS Business Summit that trade with both nations has strengthened lately. According to AFP, Putin said that Russia’s trade with Brazil, India, China and South Africa rose 38% in the first three months of the year to $45 billion.

“Russian oil supplies to China and India are growing noticeably," Putin said in a video address.

Also read |&nbsp;<a href="https://www.wionews.com/world/joe-biden-to-ask-us-congress-to-stop-gas-tax-for-three-months-as-fuel-prices-rise-490645">Biden to ask US Congress to stop gas tax for three months as fuel prices rise</a>

"Russian oil deliveries to China and India are increasing. Agricultural cooperation is developing dynamically, as is the export of Russian fertiliser to BRICS countries”, he added according to AFP.

Putin also called upon the BRICS nations to strengthen their ties amid the global economic crisis.

"Businessmen of our countries are forced to develop their business under difficult conditions where Western partners neglect the basic principles of market economy, free trade, as well as the inviolability of private property," Putin said at the BRICS Business Summit on Wednesday.

Also read |&nbsp;<a href="https://www.wionews.com/world/xi-jinping-warns-against-expanding-military-alliances-490658" hreflang="en">'Ukraine crisis is wakeup call': Jinping warns against expanding military ties</a>

The sanctions enforced by the US and EU have affected the Russian economy to a certain extent and Putin were quick to criticise "the permanent implementation of new politically motivated sanctions" by the US and other western countries that contradict "common sense and basic economic logic".

Putin concluded his speech by saying that Russia is looking at "alternative international transfer mechanisms" with BRICS nations in order to reduce their dependence on Dollar and Euro.

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The ongoing Russian invasion of Ukraine has prompted the United States and other western countries to impose hard sanctions of Russia and the European Union (EU) has also been trying to decrease oil and gas imports from the country.

The ongoing Russian invasion of Ukraine has prompted the United States and other western countries to impose hard sanctions of Russia and the European Union (EU) has also been trying to decrease oil and gas imports from the country. However, India and China have been importing oil supplies from Russia even now and President Vladimir Putin said at the BRICS Business Summit that trade with both nations has strengthened lately. According to AFP, Putin said that Russia’s trade with Brazil, India, China and South Africa rose 38% in the first three months of the year to $45 billion. “Russian oil supplies to China and India are growing noticeably," Putin said in a video address. Also read | Biden to ask US Congress to stop gas tax for three months as fuel prices rise "Russian oil deliveries to China and India are increasing. Agricultural cooperation is developing dynamically, as is the export of Russian fertiliser to BRICS countries”, he added according to AFP. Putin also called upon the BRICS nations to strengthen their ties amid the global economic crisis. "Businessmen of our countries are forced to develop their business under difficult conditions where Western partners neglect the basic principles of market economy, free trade, as well as the inviolability of private property," Putin said at the BRICS Business Summit on Wednesday. Also read | 'Ukraine crisis is wakeup call': Jinping warns against expanding military ties The sanctions enforced by the US and EU have affected the Russian economy to a certain extent and Putin were quick to criticise "the permanent implementation of new politically motivated sanctions" by the US and other western countries that contradict "common sense and basic economic logic". Putin concluded his speech by saying that Russia is looking at "alternative international transfer mechanisms" with BRICS nations in order to reduce their dependence on Dollar and Euro. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Russian oil supplies to China and India are growing noticeably, says Vladimir Putin

The War in Ukraine has had a ripple effect as Russia holds its fossil fuel supplies as a political weapon. Western countries are seeking alternatives with a barrage of sanctions.

Sanctions of Russian oil & gas prompts burning of fossil fuel

The European Union agreed to stop 90% of oil imports from Russia, with exemptions for landlocked members like Hungary. Will the partial oil ban deter Putin? How dependent is Europe on Russian oil? Palki Sharma tells you.

Gravitas: Europe to stop 90% of oil imports from Russia

The European Union has agreed to ban seaborne imports of Russian oil. This would be done in a phased period of six months for crude products and eight months for refined products. But EU has not entirely banned Russian oil imports. How will this affect Russia?

EU’s partial ban on Russian oil: How will it affect Russia?

European Union leaders reached a compromise deal to impose a partial oil embargo on Russia at a summit focused on supporting Ukraine with a long-term delay package of sanctions blocked by Hungary.

EU leaders agree on a partial embargo on Russian oil

EU leaders on Monday backed a ban on more than two-thirds of Russian oil imports, in a compromise deal with Hungary to punish Russia for the war in Ukraine.

EU leaders to ban over two-third of oil imports from Russia

In order to reprimand Russia over Ukraine war, European Union (EU) leaders have finally decided to cut 90% oil imports from Moscow. The ban will be implemented by the end of the year. But the move seems to have triggered a spike in the prices of the commodity. The price of oil witnessed a hike in early Asian trade on Tuesday, media reports said. The Russian oil’s ban looks to tighten the global crude market, which was already under pressure due to the supply constraints.&nbsp;&nbsp;

The Brent crude futures for July rose 63 cents to $122.30 a barrel at around 0012 GMT. It will end on Tuesday. US West Texas Intermediate (WTI) crude futures were selling at $117.65 a barrel, which is up $2.58 from closure on Friday. As Monday was a US public holiday, there was no settlement. &nbsp;

Also Read:&nbsp;<a href="https://www.wionews.com/world/eu-agrees-to-ban-more-than-two-thirds-of-russian-oil-import-483658" hreflang="en">EU agrees to ban 'more than two thirds' of Russian oil import</a>

Earlier, the European Union (EU) on Monday (May 30) agreed to ban most Russian oil imports, but not before some heavy haggling to strife compromise deal with Hungary which opposed the ban. Negotiations over banning Russian oil imports have been going on for weeks.&nbsp;A total embargo was fiercely opposed by Hungary PM Viktor Orban. &nbsp;

EU leaders meeting in Brussels hatched a compromise deal to exempt deliveries by pipeline from the ban, after Budapest warned halting supplies would wreck its economy. &nbsp;&nbsp;

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"Agreement to ban export of Russian oil to the EU. This immediately covers more than two thirds of oil imports from Russia, cutting a huge source of financing for its war machine," European Council chief Charles Michel tweeted during the summit. "Maximum pressure on Russia to end the war." &nbsp;

EU chief Ursula von der Leyen said that the decision taken by the bloc "will effectively cut around 90 per cent of oil imports from Russia to the EU by the end of the year" as Germany and Poland had committed to renounce deliveries via a pipeline to their territory. &nbsp;

(With inputs from agencies)&nbsp;

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In order to reprimand Russia over Ukraine war, European Union (EU) leaders have finally decided to cut 90% oil imports from Moscow. The ban will be implemented by the end of the year.

In order to reprimand Russia over Ukraine war, European Union (EU) leaders have finally decided to cut 90% oil imports from Moscow. The ban will be implemented by the end of the year. But the move seems to have triggered a spike in the prices of the commodity. The price of oil witnessed a hike in early Asian trade on Tuesday, media reports said. The Russian oil’s ban looks to tighten the global crude market, which was already under pressure due to the supply constraints. The Brent crude futures for July rose 63 cents to $122.30 a barrel at around 0012 GMT. It will end on Tuesday. US West Texas Intermediate (WTI) crude futures were selling at $117.65 a barrel, which is up $2.58 from closure on Friday. As Monday was a US public holiday, there was no settlement. Also Read: EU agrees to ban 'more than two thirds' of Russian oil import Earlier, the European Union (EU) on Monday (May 30) agreed to ban most Russian oil imports, but not before some heavy haggling to strife compromise deal with Hungary which opposed the ban. Negotiations over banning Russian oil imports have been going on for weeks. A total embargo was fiercely opposed by Hungary PM Viktor Orban. EU leaders meeting in Brussels hatched a compromise deal to exempt deliveries by pipeline from the ban, after Budapest warned halting supplies would wreck its economy. WATCH WION LIVE HERE "Agreement to ban export of Russian oil to the EU. This immediately covers more than two thirds of oil imports from Russia, cutting a huge source of financing for its war machine," European Council chief Charles Michel tweeted during the summit. "Maximum pressure on Russia to end the war." EU chief Ursula von der Leyen said that the decision taken by the bloc "will effectively cut around 90 per cent of oil imports from Russia to the EU by the end of the year" as Germany and Poland had committed to renounce deliveries via a pipeline to their territory. (With inputs from agencies) You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. ×

After EU bans Russian oil imports, prices jump in early Asian trade  

EU resolves deadlock over Russian oil

European Union leaders and officials are assembled in Brussels for a two-day emergency summit, it's an 11th-hour effort to finalize a sixth package of sanctions against Moscow, the package includes an oil embargo against Russia and plans to reduce dependency on Russian energy.

Discussions on oil embargo: European Union holds two-day summit in Brussels

The ongoing conflict in Ukraine has resulted in a number of western countries stopping their business with Russia when it comes to the purchase of oil. The United States and a number of European countries are looking to stop the oil and gas imports completely dealing a major blow to the Russian economy. However, things can get better for Vladmir Putin as a Reuters report claimed that China is taking advantage of the situation by buying oil from Russia at bargain prices.

According to estimates by Vortexa Analytics, the report claimed that China’s oil imports can go up to a near-record 1.1 million barrels per day – up from 750,000 in the first quarter of 2022.

Also read |&nbsp;<a href="https://www.wionews.com/world/g7-countries-pledge-financial-aid-of-198-billion-to-ukraine-amid-russian-invasion-480736">G7 countries pledge aid of $19.8 billion to Ukraine amid Russian invasion</a>

The report further claimed that the purchases are being carried out by Unipec, the trading arm of Asia’s top refiner Sinopec Corp, and Zhenhua Oil, a unit of China’s defense conglomerate Norinco.

According to shipping data and various traders, the Reuters report also pointed out Livna Shipping Limited as the main shipper of Russian oil into China. This is a huge reprieve for Russia after Vitol and Trafigura, the worst’s biggest commodity traders, stopped buying oil from Russian producers.

Also read |&nbsp;<a href="https://www.wionews.com/south-asia/china-looking-to-construct-military-bases-in-pakistan-report-480699" hreflang="en">China looking to construct military outposts in Pakistan: Report</a>

“The situation began taking a drastic turn after the exit of Vitol and Trafigura that created a vacuum, which could only be filled by companies that can provide value and are trusted by their Russian counterparts,” one Chinese trader, who asked not to be named, told Reuters.

It also helped China in getting the oil for extremely low prices – almost $29 less per barrel – as it enabled them to save money and redirect it to other sectors of their COVID-19 pandemic-hit economy.

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(With agency inputs)

The ongoing conflict in Ukraine has resulted in a number of western countries stopping their business with Russia when it comes to the purchase of oil. The United States and a number of European countries are looking to stop the oil and gas imports completely dealing a major blow to the Russian economy.

The ongoing conflict in Ukraine has resulted in a number of western countries stopping their business with Russia when it comes to the purchase of oil. The United States and a number of European countries are looking to stop the oil and gas imports completely dealing a major blow to the Russian economy. However, things can get better for Vladmir Putin as a Reuters report claimed that China is taking advantage of the situation by buying oil from Russia at bargain prices. According to estimates by Vortexa Analytics, the report claimed that China’s oil imports can go up to a near-record 1.1 million barrels per day – up from 750,000 in the first quarter of 2022. Also read | G7 countries pledge aid of $19.8 billion to Ukraine amid Russian invasion The report further claimed that the purchases are being carried out by Unipec, the trading arm of Asia’s top refiner Sinopec Corp, and Zhenhua Oil, a unit of China’s defense conglomerate Norinco. According to shipping data and various traders, the Reuters report also pointed out Livna Shipping Limited as the main shipper of Russian oil into China. This is a huge reprieve for Russia after Vitol and Trafigura, the worst’s biggest commodity traders, stopped buying oil from Russian producers. Also read | China looking to construct military outposts in Pakistan: Report “The situation began taking a drastic turn after the exit of Vitol and Trafigura that created a vacuum, which could only be filled by companies that can provide value and are trusted by their Russian counterparts,” one Chinese trader, who asked not to be named, told Reuters. It also helped China in getting the oil for extremely low prices – almost $29 less per barrel – as it enabled them to save money and redirect it to other sectors of their COVID-19 pandemic-hit economy. WATCH WION LIVE HERE - (With agency inputs)

China quietly purchasing large amounts of low-priced Russian oil - Report

EU has now proposed an orderly ban on Russian oil imports and this comes after the Russian President Vladimir Putin said that he will now seize all export deals and contracts with the US and its European allies if they continue to support Ukraine.

Russia-Ukraine crisis: EU proposes 'orderly' ban on Russian oil import

As the Russian invasion of Ukraine continues, the European Commission proposed a ban on Russian oil imports. So far, this is Europe's toughest move to isolate Russia.

Ukraine war: Europe proposes ban on Russian oil, aims to phase out Russian crude in 6 months

A phased oil embargo has been announced by the European Union's chief executive on Wednesday, media reports said. &nbsp;

This development seems to be the latest effort of the bloc to isolate Russia after it invaded Ukraine. &nbsp;

More Russian banks will also be hit with sanctions. &nbsp;

In an address to the European Parliament in Strasbourg, European Commission President Ursula von der Leyen announced the measures after 0630 GMT. &nbsp;&nbsp;

Also Read |&nbsp;<a href="https://www.wionews.com/world/despite-the-ukraine-war-russian-gas-supplies-to-china-soar-by-60-in-2022-report-476197">Despite Ukraine war, Russian gas supplies to China soar by 60% in 2022: Report</a>

These efforts must also be agreed by EU governments. &nbsp;&nbsp;

"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 minimizes the impact on global markets," von der Leyen said. &nbsp;&nbsp;

The EU's leader has also called on the bloc to support the move to ban oil imports. &nbsp;

The proposed measures include phasing out supplies of Russian crude oil within six months. It also looked to end the import of refined products by the end of the year. &nbsp;

Watch:&nbsp;'Moscow can end exports and contracts,' Putin warns West over sanctions

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The sixth round of sanctions will also affect Russia's top lender Sberbank, diplomats told Reuters. &nbsp;

It will also get excluded from the SWIFT messaging system. &nbsp;

At the EU level, the ban has not yet been properly discussed as the bloc heavily relies on Russian oil. &nbsp;

Meanwhile, the European Union has also proposed sanctions on the head of Russian Orthodox Church, news agency AFP reported, citing an official document. &nbsp;

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(With inputs from agencies)&nbsp;

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A phased oil embargo has been announced by the European Union's chief executive on Wednesday, media reports said. This development seems to be the latest effort of the bloc to isolate Russia after it invaded Ukraine.

A phased oil embargo has been announced by the European Union's chief executive on Wednesday, media reports said. This development seems to be the latest effort of the bloc to isolate Russia after it invaded Ukraine. More Russian banks will also be hit with sanctions. In an address to the European Parliament in Strasbourg, European Commission President Ursula von der Leyen announced the measures after 0630 GMT. Also Read | Despite Ukraine war, Russian gas supplies to China soar by 60% in 2022: Report These efforts must also be agreed by EU governments. "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 minimizes the impact on global markets," von der Leyen said. The EU's leader has also called on the bloc to support the move to ban oil imports. The proposed measures include phasing out supplies of Russian crude oil within six months. It also looked to end the import of refined products by the end of the year. Watch: 'Moscow can end exports and contracts,' Putin warns West over sanctions × The sixth round of sanctions will also affect Russia's top lender Sberbank, diplomats told Reuters. It will also get excluded from the SWIFT messaging system. At the EU level, the ban has not yet been properly discussed as the bloc heavily relies on Russian oil. Meanwhile, the European Union has also proposed sanctions on the head of Russian Orthodox Church, news agency AFP reported, citing an official document. WATCH WION LIVE HERE (With inputs from agencies) Decode the geostrategy, diplomacy, and ideologies of the world’s unending wars. Catch our special series ‘World at War’ every Saturday at 8:30 PM IST and Sunday at 10:30 PM IST only on WION.

European Union looks to phase out Russian oil in six months, sanction more banks

According to reports, the European Commission may spare Slovakia and Hungary from the embargo related to buying Russian oil.

Newswire Reuters reported that the European block is considering a ban on buying Russian oil and is set to finalise sanctions against Russia amid the Ukraine war.

Both Hungary and Slovakia are heavily dependent on Russian oil. Reports claim both countries may be offered an exemption on buying Russian oil.

<a href="https://www.wionews.com/world/israel-slams-lavrovs-comment-suggesting-that-nazi-leader-adolf-hitler-had-jewish-roots-475688">Also Read:&nbsp;Israel slams Lavrov's comment suggesting that Nazi leader Adolf Hitler had Jewish roots</a>

Russia had earlier halted gas supply to Poland and Bulgaria as the Kremlin said the two European countries were not making payments in roubles.

Germany which is Europe's top buyer of Russian oil has reduced its import quota in order to ensure energy security as German economy ministry said the transitional period avaliable for the country would be "manageable".

Watch:&nbsp;EU to propose a phased ban on Russian oil

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Slovakia and Hungary reportedly use a major portion of Russian oil being sent to Europe. Several European countries have been finding ways to walk away from dependency on Russian oil with Italy declaring that it would end its dependency on Russia by the middle of next year.

The Greek government had said earlier that it could develop its own hub and supply to Balkan countries. Lithuania was the first country to stop taking Russian gas as the Ukraine war broke out.

(With inputs from Agencies)

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According to reports, the European Commission may spare Slovakia and Hungary from the embargo related to buying Russian oil. Newswire Reuters reported that the European block is considering a ban on buying Russian oil and is set to finalise sanctions against Russia amid the Ukraine war.

According to reports, the European Commission may spare Slovakia and Hungary from the embargo related to buying Russian oil. Newswire Reuters reported that the European block is considering a ban on buying Russian oil and is set to finalise sanctions against Russia amid the Ukraine war. Both Hungary and Slovakia are heavily dependent on Russian oil. Reports claim both countries may be offered an exemption on buying Russian oil. Also Read: Israel slams Lavrov's comment suggesting that Nazi leader Adolf Hitler had Jewish roots Russia had earlier halted gas supply to Poland and Bulgaria as the Kremlin said the two European countries were not making payments in roubles. Germany which is Europe's top buyer of Russian oil has reduced its import quota in order to ensure energy security as German economy ministry said the transitional period avaliable for the country would be "manageable". Watch: EU to propose a phased ban on Russian oil Slovakia and Hungary reportedly use a major portion of Russian oil being sent to Europe. Several European countries have been finding ways to walk away from dependency on Russian oil with Italy declaring that it would end its dependency on Russia by the middle of next year. The Greek government had said earlier that it could develop its own hub and supply to Balkan countries. Lithuania was the first country to stop taking Russian gas as the Ukraine war broke out. (With inputs from Agencies) Watch WION LIVE Here

EU may allow Slovakia, Hungary to buy Russian oil: Report

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