Brussels (Belgium), May 4: As the Russia-Ukraine war continues, the European Commission will provide a recovery package to conflict-torn Ukraine, entailing massive investment to meet the country's needs, President Ursula Von der Leyen announced on Wednesday.
"Today, I am proposing to you that we 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. It should address the existing weaknesses of the Ukrainian economy and lay the foundations for sustainable long-term growth," the President stated at a plenary session of the European Parliament.
Meanwhile, the European Commission proposed fresh sanctions against Russia, including a six-month phase-out of Russian crude imports.
The EU has been compelled to take more aggressive energy sanctions by Russia's unprovoked invasion of Ukraine and evidence of war crimes. However, imposing measures that could reduce, or completely eliminate, the Russian energy supply to the EU has proven to be a difficult task for the bloc.
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This is due to the region's reliance on Russia for a range of energy sources, particularly oil. According to the region's statistics office, Russian oil imports accounted for around 25% of the bloc's crude purchases in 2020.
“Let us be clear: it will not be easy,” Von der Leyen said on Wednesday.
“Some member states are strongly dependent on Russian oil. But we simply have to work on it. We now propose a ban on Russian oil. This will be a complete import ban on all Russian oil, seaborne and pipeline, crude and refined," the European Commission President added.
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-PTC News