March 22, 2022

THE TIGHTENING NOOSE:

EU Support Grows for Russia Oil Ban Over Ukraine War (Laurence Norman and Georgi Kantchev, March 21, 2022, WSJ)

Support for a European Union-wide ban on the purchase of Russian oil is growing inside the bloc, according to diplomats involved in the discussion, representing a significant shift in the continent's stance toward how to ratchet up economic pressure on Moscow. [...]

Restricting Russian oil and natural gas, a source to fulfill Europe's energy needs, had been mostly off the table until recently. But EU capitals have become open to consider further steps, as they have with other measures once thought off limits, as Russia intensifies its attacks on Ukrainian cities and peace talks between Moscow and Kyiv show little sign of progress.

Some EU states, for instance, were once unwilling to consider disconnecting Russian banks from Swift, the international payment system. But sentiment turned quickly, with officials coalescing around a move that allowed for a few banks to remain connected.

Posted by at March 22, 2022 12:00 AM

  

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