This package also imposes further sanctions against Belarus.
Together with the previous 5 packages, the new sanctions are unprecedented and designed to further increase economic pressure on Russia.
This covers 90% of the current oil imports from Russia.
The ban is subject to certain transition periods to allow the sector and global markets to adapt, and a temporary exemption for pipeline crude oil to ensure that Russian oil is phased out in an orderly fashion.
This will allow the EU to secure alternative supplies and minimises the impact on global oil prices.
The package includes restrictions on chemicals that could be used in manufacturing chemical weapons.
Beyond sanctions, the EU has made it clear that reducing our dependence on energy imports from Russia is an urgent imperative.
The Commission adopted its REPowerEU Plan on 18 May 2022 to end dependence on Russian fossil fuels as soon as possible and to tackle the climate crisis.
For seaborne crude oil, spot market transactions and execution of existing contracts will be permitted for 6 months after entry into force, while for petroleum products, these will be permitted for 8 months after entry into force.
Due to its specific geographical exposure, a special temporary derogation until the end of 2024 has been agreed for Bulgaria which will be able to continue to import crude oil and petroleum products via maritime transport.
In addition, Croatia will be able to authorise until the end of 2023 the import of Russian vacuum gas oil which is needed for the functioning of its refinery.
According to the EC, this will make it particularly difficult for Russia to continue exporting its crude oil and petroleum products to the rest of the world since EU operators are important providers of such services.
