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EU leaders agree on partial embargo on Russian oil amid Ukraine war

European Union leaders reached a compromise to impose a partial oil embargo on Russia at a summit focused on helping Ukraine

European Union

AP Brussels
European Union leaders reached a compromise Monday to impose a partial oil embargo on Russia at a summit focused on helping Ukraine with a long-delayed package of sanctions that was blocked by Hungary.
The watered-down embargo covers only Russian oil brought in by sea, allowing a temporary exemption for imports delivered by pipeline.
EU Council President Charles Michel said on Twitter the agreement covers more than two-thirds of oil imports from Russia, "cutting a huge source of financing for its war machine. Maximum pressure on Russia to end the war.
The EU had already imposed five previous rounds of sanctions on Russia over its war. It has targeted more than 1,000 people, including Russian President Vladimir Putin and top government officials, as well as pro-Kremlin oligarchs, banks, the coal sector and more.
But the sixth package of measures announced May 4 had been held up by concerns over oil supplies.
Hungary Prime minister Viktor Orban had made clear he could support the new sanctions only if his country's oil supply security was guaranteed.
The landlocked country gets more than 60% of its oil from Russia and depends on crude that comes through the Soviet-era Druzhba pipeline.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: May 31 2022 | 7:52 AM IST

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