According to European Council President Charles Michel, the European Union (EU) has agreed to a 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 oil imports from Russia, cutting a huge source of financing for its war machine,” Michel announced in a tweet on Monday evening.
Michel’s announcement came after an extraordinary European Council summit in Brussels on Monday attended by EU leaders to discuss the sixth package of sanctions against Russia.
“This sanctions package includes other hard-hitting measures: de-Swifting the largest Russian bank Sberbank, banning 3 more Russian state-owned broadcasters, and sanctioning individuals responsible for war crimes in Ukraine,” Michel added.
According to the European Council leaders, the EU has agreed to restrict 90% of Russian oil imports by the end of the year.
According to Ursula von der Leyen, president of the European Commission, Russian oil carried by tankers will be prohibited, with an exception made for the southern part of the Druzhba pipeline.
The pipeline’s northern segment supplies Poland and Germany, both of which have consented to the embargo. Hungary, Slovakia, and the Czech Republic receive the southern portion.
The southern segment, which accounts for 10% of Russian oil imports, will be exempted, according to Von der Leyen.
“As we have a clear political statement by Poland and Germany that they will, as the others, wind down Russian oil, until the end of the year. We have covered overall 90 percent of Russian oil being winded down during this time frame.
Leftover is the roundabout of 10 or 11 percent that is covered by the southern Druzhba. We have agreed for the moment being for an exemption,” von der Leyen said.
To read our blog on “Following the EU’s ban on Russian crude, global oil prices have risen above $120,” click here.
