Russian oil: EU reaches compromise agreement to ban imports
Written byTimes Magazine
EU leaders have approved a plan to block more than two-thirds of Russia's oil imports.
The ban is a compromise that will not affect oil imports through the pipeline for a while after Hungary refused.
European Council President Charles Michel said the deal cut "huge sources of funding" for Russia's military machine.
It is part of the sixth sanctions package decided at the Brussels summit, which the 27 member states must approve.
Michel said the European Union had also approved a crackdown on Russia's biggest bank, Sberbank, and three state broadcasters.
European Union members have been battling for hours to resolve differences over a ban on Russian oil imports, with Hungary as their primary opponent.
The compromise was followed by weeks of controversy until it was agreed that there would be a "temporary exception for oil entering the EU via pipeline," Michel told reporters.
Therefore, direct sanctions will only affect Russian oil transported to the EU by the sea – two-thirds of total imports from Russia. In practice, European Commission President Ursula von der Leyen said the ban would be more comprehensive. Germany and Poland would voluntarily suspend imports from the pipeline until this year.
"There's about 10-11% left that the Friendship South needs to cover," von der Leyen said, referring to Russian oil pipelines to Hungary, Slovakia, and the Czech Republic.
He added that the European Council would review this exception "as soon as possible," he said. During the talks, Hungarian Prime Minister Viktor Orbán maintained a firm stance, accusing the European Commission of failing to negotiate the ban with member states.
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