EU leaders agreed late Monday evening on a political deal to impose sanctions on Russian oil imports.
“Settlement to ban export of Russian oil to the EU,” European Council President Charles Michel tweeted from a leaders’ summit in Brussels. “This instantly covers greater than 2/3 of oil imports from Russia, slicing an enormous supply of financing for its conflict machine.”
The Council of the EU should nonetheless formally agree on the sanctions.
The compromise will enable Russia’s pipeline oil exports to the EU to proceed briefly, whereas seaborne shipments are blocked by the top of the yr, as European Fee President Ursula von der Leyen introduced earlier this month.
Von der Leyen tweeted that the leaders’ settlement “will successfully minimize round 90% of oil imports from Russia to the EU by the top of the yr.”
Germany and Poland, which may benefit from the pipeline exemption, have dedicated themselves to a de facto shutdown of the northern Druzhba pipeline, a number of EU diplomats mentioned.
There may be additionally an settlement to “full the [closure of the] southern department as quickly as potential,” an Elysée official mentioned. The southern leg of the pipeline delivers oil to Slovakia, Hungary and the Czech Republic.
An EU official mentioned the Czech Republic obtained an 18-month exemption from the ban to cowl the resale of oil merchandise.
Hungary has additionally ensured an there may be an emergency provision to make sure the safety of provide if their pipeline deliveries are minimize off, EU diplomats mentioned.
Slapping an embargo on Russian oil can be certainly one of Europe’s most vital steps in limiting the income accessible to President Vladimir Putin to wage conflict in Ukraine. However the proposed transfer was held up for a number of weeks by Hungary, which argued its economic system can be hammered by a blanket ban.
David M. Herszenhorn, Lili Bayer and Giorgio Leali contributed reporting.