European Union leaders agreed Monday to embargo most Russian oil imports into the bloc by year-end as part of new sanctions on Moscow worked out 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, a move that was crucial to bring landlocked Hungary on board a decision that required consensus.
Mikhail Ulyanov, Russia’s permanent representative to international organizations in Vienna, responded to the EU’s decision on Twitter, saying: “As she rightly said yesterday, Russia will find other importers.”The new package of sanctions will also include an asset freeze and travel ban on individuals, while Russia’s biggest bank, Sberbank, will be excluded from SWIFT, the major global system for financial transfers from which the EU previously banned several smaller Russian banks.
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.
EU Leaders Agree to Ban 90% of Russian Oil by Year-EndEuropean 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.
Read more »
EU leaders agree to ban 90% of Russian oil by year-endBRUSSELS (AP) — European Union leaders agreed Monday to embargo most Russian oil imports into the bloc by year-end as part of new sanctions on Moscow worked out at a summit focused on helping…
Read more »
EU leaders agree to ban 90% of Russian oil by year-endBRUSSELS (AP) — European Union leaders agreed Monday to embargo most Russian oil imports into the bloc by year-end as part of new sanctions on Moscow worked out at a summit focused on helping Ukraine with a long-delayed package of new financial support.
Read more »
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 leaders agree on partial embargo on Russian oilThe watered-down embargo agreed on Monday covers only Russian oil brought in by sea, allowing a temporary exemption for imports delivered by pipeline.
Read more »