EU targets Russian oil, banks as Moscow's ally Belarus stages army drills

  04 May 2022    Read: 513
EU targets Russian oil, banks as Moscow

The EU proposed its toughest sanctions yet against Russia on Wednesday, including a phased oil embargo, as Ukraine came under further heavy Russian bombardment and nervously monitored large-scale army drills in neighbouring Belarus, a close Moscow ally, Reuters reported.

Nearly 10 weeks into a war that has killed thousands, uprooted millions and flattened cities and towns in eastern and southern Ukraine, Russia also stepped up attacks on targets in western Ukraine, partly to disrupt Western arms deliveries.

A new convoy of buses began evacuating more civilians from the devastated southeastern port city of Mariupol, which has seen the heaviest fighting of the war so far and where Moscow said remaining Ukrainian forces remained tightly blockaded.

Piling pressure on Russia's already battered $1.8 trillion economy, the European Commission proposed phasing out supplies of Russian crude oil within six months and refined products by the end of 2022. The price of Brent crude jumped 3% to more than $108 a barrel after the news.


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