European Union leaders have agreed to embargo most Russian oil imports into the bloc by year-end. The move is part of new sanctions on Russia worked out Monday at a summit focused on helping Ukraine with a long-delayed package of new financial support. The embargo covers Russian oil brought in by sea, allowing a temporary exemption for imports delivered by pipeline. That was crucial to bringing landlocked Hungary on board a decision that required consensus. EU Council President Charles Michel says the agreement covers more than two-thirds of oil imports from Russia, cutting a huge source of financing for its war machine.
Michel said the new sanctions, which needed the support of all 27 member countries, will be legally endorsed by Wednesday.
Hungarian Prime minister Viktor Orban had made clear he could support the new sanctions only if his country’s oil supply security was guaranteed. Hungary gets more than 60% of its oil from Russia and depends on crude that comes through the Soviet-era Druzhba pipeline. In his 10-minute video address, Zelenskyy told leaders to end “internal arguments that only prompt Russia to put more and more pressure on the whole of Europe.”
But Hungary led a group of EU countries worried over the impact of the oil ban on their economy, including Slovakia, the Czech Republic and Bulgaria. Hungary relies heavily on Russia for energy and can't afford to turn off the pumps. In addition to its need for Russian oil, Hungary gets 85% of its natural gas from Russia.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Live blog: EU leaders agree to impose partial embargo on Russian oilEU leaders back a ban on more than two-thirds of Russian oil imports, in a compromise deal with Hungary to punish Moscow for its military offensive in Ukraine – now in its 97th day Follow our live coverage:👇
Read more »
EU Set to Discuss Russian Oil Embargo; Moscow Says Ukraine's Donbas Is an ‘Unconditional Priority'Russian forces continue to pound Ukrainian positions in the country’s Donbas, which Moscow has described as an “unconditional priority.”
Read more »
EU agrees on partial ban of Russian oil importsThe European Union has agreed on a partial ban on Russian oil imports, according to the European Council chief.
Read more »
E.U. agrees to phase out Russian oil but exempts pipeline deliveriesAfter weeks of negotiation, the bloc agreed Monday to end seaborne deliveries of Russian crude oil, according to two E.U. diplomats and one E.U. official, but pipeline deliveries will continue to flow.
Read more »
EU missed climate spending target despite claiming it was met -auditorsThe European Union missed its target to spend 20% of its pre-2020 budget on fighting climate change and overstated its green spending to claim that the goal had been met, the European Court of Auditors said on Monday.
Read more »