Belgium depends for 30% on Russian oil, supports European ban "if impact can be addressed"
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Loading... - Maxime Jacobs
- 06 May 2022
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The Belgian PM Alexander De Croo (Flemish liberal) has voiced his support for the latest package of EU proposals for sanctions against Russia, but demands compensations for European citizens and companies. Belgium relies for about 30 percent on Russia for its oil imports at present.
he EU has announced a latest package of sanctions (the sixth) to cripple Russia's economy. This one includes a complete ban on Russian oil by the end of this year, as a punishment for the war in the Ukraine, and comes after weeks of negotiations.
Russia is believed to generate about 80 billion euros per year thanks to its oil exports. At the same time, Russia's biggest bank, Sberbank, as well as two other Russian banks will be excluded from the international Swift system for bank transfers. The latest package of sanctions still has to be approved by all 27 EU member states. This may take a while, as some countries demand exceptions.
We should avoid getting into a situation where some European countries are harder hit than others
Countries like Bulgaria, Hungary, Slovakia and the Czech Republic will seek exemptions (the latter two want a transition period) as they depend a lot on Russian oil and hardly see alternatives at present. But Belgium is willing to accept the proposed package. Our country depends for about 30 percent on Russian oil at present, but has alternatives from overseas oil or gas deliveries via its ports. The port of Zeebrugge boasts a major LNG terminal and could become a European hub for liquid gas imports. Read More...
