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EU leaders agree to ban 90% of Russian oil by year-end

by todayminutes
May 31, 2022
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Ukrainian President Volodymyr Zelenskyy is seen on a screen, left, as addresses from Kyiv during an extraordinary meeting of EU leaders to discuss Ukraine, energy and food security at the Europa building in Brussels, Monday, May 30, 2022. European Union leaders will gather Monday in a fresh show of solidarity with Ukraine but divisions over whether to target Russian oil in a new series of sanctions are exposing the limits of how far the bloc can go to help the war-torn country. (AP Photo/Olivier Matthys)

European Union leaders agreed Monday to embargo most Russian oil imports into the bloc by year-end as part of new sanctions on Moscow worked out at a summit focused on helping Ukraine with a long-delayed package of new financial support.

The embargo covers Russian oil brought in by sea, allowing a temporary exemption for imports delivered by pipeline, a move that was crucial to bring landlocked Hungary on board a decision that required consensus.

EU Council President Charles Michel said the agreement covers more than two-thirds of oil imports from Russia. Ursula Von der Leyen, the head of the EU’s executive branch, said the punitive move will “effectively cut around 90% of oil imports from Russia to the EU by the end of the year.”

Michel said leaders also agreed to provide Ukraine with a 9 billion-euro ($9.7 billion) tranche of assistance to support the war-torn country’s economy. It was unclear whether the money would come in grants or loans.

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