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EU sanctions against Russia " Oil embargo is the right step, but must come sooner”

Date

05 May 2022

Sections

Energy

Frankfurt, 4. May 2022 – Commenting on the European Commission's proposal for a sixth sanctions package against Russia, VDMA President Karl Haeusgen says:

"Finally, the EU is targeting one of the main sources of income of the aggressor Russia and announces the end of the import of Russian oil. This step is overdue and necessary. After all, nearly half of Russia's exports of crude oil and oil products go to the EU. With an effective import embargo of Russian oil, the EU can noticeably increase the economic pressure on the regime in Russia and actively work to end the war. However, the planned gradual introduction by the end of the year is not ambitious enough. If the sources of revenue for Putin's war machine are to be effectively hit, the embargo must take effect much more quickly. The fact that the embargo can be implemented quickly is also the result of excellent cooperation between politicians and business and industry in recent weeks and months.

Although the oil embargo will also continue to indirectly burden the machinery and plant engineering sector, the VDMA sees no alternative to a further tightening of sanctions in view of Russia's aggressive and inhumane behavior in Ukraine. It remains important that the sanctions are as clearly defined as possible so that companies affected have the necessary legal certainty. But it is also important that the EU and its member states show solidarity with each other and use the momentum to quickly advance the expansion of renewable energies and energy efficiency."

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