BRUSSELS (TIP): European Union leaders have agreed an embargo on Russian oil imports that will kick in around the turn of the year – and for now exempts the pipeline imports that Hungary and two other landlocked Central European states rely on. The ban, agreed overnight after weeks of wrangling, aims to remove 90 per cent of Russia‘s crude imports into the 27-nation bloc within eight months or so, officials said.
It is the toughest sanction yet on Russia for its invasion of Ukraine, and one that will affect the EU itself.
Russia provided just over a quarter of EU oil imports in 2020, while Europe is the destination for nearly half of Russia’s crude and petroleum product exports. “The sanctions have one clear goal: To prompt Russia to end this war, to withdraw its troops, and to agree a sensible and fair peace with Ukraine,” German Chancellor Olaf Scholz said. Ukraine said they would deprive the “Russian military machine” of tens of billions of dollars. French Pres ident Emmanuel Macron said nothing could be ruled out regarding further sanctions, although other leaders poured cold water on the idea of banning purchases of Russian gas, which Europe depends on heavily. — Reuters