European Union leaders on Monday backed a ban on most Russian oil imports following a compromise agreement with Hungary to punish Moscow for the war in Ukraine.
The 27-nation bloc has spent weeks on a proposed complete ban on Russian oil but has come up against stubborn resistance from Hungarian Premier Victor Urban.
An agreement was reached at a meeting of EU leaders in Brussels to exempt delivery via pipeline from sanctions, after Budapest warned it would cut off supplies to its economy.
“The agreement to ban Russian oil exports to the EU. It immediately covers more than two-thirds of oil imports from Russia, cutting off a huge source of funding for its war machines,” European Council President Charles Michel tweeted during the summit.
“Maximum pressure on Russia to end the war.”
Ursula von der Leyen, the European Union’s chief executive, said the move would “effectively reduce oil imports from Russia to the EU by about 90 per cent by the end of the year” as Germany and Poland pledged to cut off supplies via a pipeline. Their area.
After five waves of unprecedented economic sanctions on Russia, the debate over the sixth package of sanctions in the face of the Kremlin’s invasion of Ukraine has shaken European unity.
Despite the gaps in the sanctions dropped by the Hungarian opposition, the latest round of sanctions represents one of the most damaging measures ever taken by the EU.
Michelle said the package included disconnecting Russia’s largest bank, Sberbank, from the global SWIFT system, banning three state broadcasters and blacklisting those responsible for war crimes.
(Except for the title, this story was not edited by NDTV staff and was published from a syndicated feed.)