EU Agrees on Partial Ban of Russian Oil Imports

The European Union (EU) has agreed on a partial ban on Russian oil imports as part of a sixth sanction package.

European Council President Charles Michel announced on Twitter that the ban covers more than two-thirds of oil imports from Russia, “cutting a huge source of financing its war machine.”

“The sanctions will immediately impact 75% of Russian oil imports. And by the end of the year, 90% of the Russian oil imported in Europe will be banned,” Michel added.

EU leaders reached the deal after resolving an objection from Hungary during an extraordinary European Council summit in Brussels on May 30.

Hungarian Prime Minister Viktor Orban had stalled the package in recent days, repeatedly claiming that his country’s economy would decline without oil from Russia, which supplies 60% of Hungary’s oil.

All 27 EU countries must agree for the package to win approval.

Europe is the biggest buyer of Russian energy.

The sanction package also included removing access to Swift payments for Sberbank, the largest bank in Russia, and banning three more Russian state-owned broadcasters, according to Michel.

EU leaders will meet again in Brussels on May 31 to further discuss its response to Russia’s invasion of Ukraine.

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