EU agrees to partial ban on Russian oil imports

“Agreement to ban the export of Russian oil to the EU. This immediately covers more than 2/3 of Russia’s oil imports, cutting off a huge source of funding for its war machine”, Michel announced in a tweet Monday evening.
Michel’s announcement follows an extraordinary European Council summit attended by EU leaders in Brussels on Monday to discuss a sixth sanctions package against Russia.

“This sanctions package includes other hard-hitting measures: the de-swifting of the largest Russian bank Sberbank, the banning of 3 other Russian public broadcasters and the sanctioning of individuals responsible for war crimes in Ukraine”, added Michel .

EU leaders will meet again in Brussels on Tuesday to discuss the bloc’s response to the Russian invasion of Ukraine.

Officials first offered to join the United States and others in banning Russian oil a month ago as part of a sixth round of EU sanctions against the invasion of the Ukraine by country. But a deal has been blocked by some countries, such as Hungary, which are particularly dependent on Russian crude delivered by pipeline.

An EU official told CNN earlier that the ban on all oil transported by sea would cover more than two-thirds of imports from Russia.

Europe is the biggest buyer of Russian energy. Russian crude accounted for 27% of the bloc’s imports in 2021, according to Eurostat. That’s about 2.4 million barrels a day, according to data from the International Energy Agency. About 35% of that was delivered via pipelines to the block, according to the IEA.

But pipeline deliveries accounted for a much larger share of Russian oil shipments to Hungary (86%), the Czech Republic (97%) and Slovakia (100%).

– CNN’s Anna Cooban and James Frater contributed to this report


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