The EU has agreed to ban about 75% of Russian oil imports.
The embargo covers Russian oil brought in by sea – but there is a temporary exception for imports shipped by pipeline to appease Hungary and other countries are concerned about the economic impact of an outright ban.
Hungary gets more than 60% of its oil from Russia and is dependent on crude from the Soviet-era Druzhba (“Friendship”) pipeline.
Charles Michel, president of the European Council, said: “We want to return to the European Council as soon as possible
possible to address this temporary exception and to ensure that we will be able to target all of Russia’s oil. “
He added that 75% of Russian oil imports to the EU will be banned immediately – increasing to 90% by the end of the year.
The EU’s sixth package of sanctions since invading Ukraine would also see Russia’s biggest bank, Sberbank, cut off from SWIFT, the global financial remittance system that the EU had previously banned some smaller banks from. of Russia.
Three more Russian state broadcasters will be banned from distributing their content in the EU.
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Ukrainian MP on EU’s oil ban
“We want to stop the Russian war machine and call the new measures a ‘remarkable achievement’,” Michel said.
“More than ever, it’s important to show that we can be strong, that we can be strong, that we can be tough,” he added.
French President Emmanuel Macron praised the move, saying: “As Europeans, united and in solidarity with the Ukrainian people, we are imposing new decisive sanctions.”
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‘Russia concentrates their forces’
But Ukrainian President Volodymyr Zelenskyy said it took too long to agree new sanctions in Europe, pointing out that the final package was introduced almost two months ago.
In a speech to the Ukrainian people, he said he was grateful to Mr. Michel for “trying to find the necessary compromises” to implement these measures.
“The bottom line is of course oil. I believe that Europe will have to give up Russian oil and petroleum products in any case.
“Because this is about the independence of the European people themselves from Russian energy weapons.
“And the sooner this happens, the more complete the abandonment of Russian oil will be, the greater the ultimate benefit will be for Europe itself.”
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Ukraine: On the front lines with the 93rd Brigade
Read more: Oil prices rise as EU meets to discuss Russia’s energy ban
Mr. Michel said the new sanctions would be legally approved on Wednesday.
Mikhail Ulyanov, Russia’s permanent representative to international organizations in Vienna, responded to the EU’s decision on Twitter, saying: “Russia will find other importers”.
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Measures was announced on May 4 but was opposed from countries including Hungary, Slovakia, the Czech Republic and Bulgaria.
The initial goal is to phase out imports of crude oil within six months and refined products by the end of the year.
