Russia now unable to use oil revenue to ‘finance terror’, says Zelenskyy

Ukrainian president says oil embargo puts Russia ‘on the sidelines of modern economy’

Ukrainian President Volodymyr Zelenskyy speaks from Kyiv on Tuesday. EPA
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Ukrainian President Volodymyr Zelenskyy has thanked the EU for banning nearly all oil from Russia.

In a video address on Tuesday, Mr Zelenskyy said that the EU’s decision to cut most of Russia's oil imports means that Moscow will not be able to spend tens of billions of euros “to finance terror".

“Strategically, it puts the Russian government on the sidelines of modern economy,” he said.

“Having such aggressive policy and a course of isolation from the civilised world, Russia simply won’t be able to adapt. It means it will lose and lose economically.”

Mr Zelenskyy said Ukraine would be pressing for more sanctions, as there should be no significant economic ties between the free world and Russia.

“As soon as the sixth package starts working, we will immediately start working on the seventh one.”

He denounced as "sheer madness" the Russian air strike on the city of Severodonetsk on Tuesday, which led to the release of toxic nitric acid fumes.

Mr Zelenskyy said the Ukrainian military would fight to restore its territorial integrity but would not rush its action so as to avoid unnecessary losses.

“Ukraine will never act like Russia, which has thrown its people into the hell of fighting only because Moscow wished to make gains in just a few days or by a certain date,” he said.

Updated: May 31, 2022, 11:58 PM