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.
The embargo is part of the European Union’s sixth sanctions package on Russia since it invaded Ukraine. Talks to impose an oil embargo have been underway since the start of the month.
Volodymyr Zelenskiy had earlier appealed to EU leaders to show unity against Vladimir Putin. At a summit in Brussels, EU leaders had been attempting to find a way to placate the Hungarian prime minister, Viktor Orbán, who has been holding up a deal on the latest sanctions against Putin’s war machine.
Under a compromise plan that was discussed at the summit, Russian oil transported through the Soviet-era Druzhba pipeline for Hungary, the Czech Republic and Slovakia would be exempt from the EU embargo.
In a press conference on Monday night, Michel acknowledged talk of a lack of European unity, adding: “I think that more than ever it is important to show that we are able to be strong, that we are able to be firm, that we are able to be tough in order to defend our values and our interests.”
“The European Council agrees that the sixth package of sanctions against Russia will cover crude oil, as well as petroleum products, delivered from Russia into Member States, with a temporary exception for crude oil delivered by pipeline,” according to a May 31 statement from the European Council.
The EU agreed to ban 90 percent of Russian oil imports by the end of the year, the leaders of the European Council said.
Russian oil delivered by tankers would be banned, while an exemption will be made for the southern segment of the Druzhba pipeline, said Ursula von der Leyen — president of the European Commission — in a press conference. The northern segment of the pipeline serves Poland and Germany — who have agreed to the embargo. The southern part goes to Hungary, Slovakia and Czech republic.
Von der Leyen said an exemption will be made for the southern segment, which accounts for 10% of imports on Russian oil.
“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 wind down during this time frame. Leftover is the roundabout 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.
The ban covers seaborne oil purchases, which make up about two-thirds of Europe’s imports from Russia. In addition, pledges from Germany and Poland to stop oil imports via the northern part of the Druzhba pipeline mean that the ban is expected to cover 90 per cent of Russian imports by the end of the year.
European governments have not settled on how long the carve-out of Russian oil supplied via pipeline will last, declaring only that it will be “temporary” and that they will return to the matter as soon as possible.
Despite the gap in the embargo left by Hungary’s opposition, the latest round of sanctions represents some of the most damaging measures taken by the EU so far.
Michel said the package also involved disconnecting Russia’s biggest bank Sberbank from the global SWIFT system, banning three state broadcasters and blacklisting individuals blamed for war crimes.
We have always emphasized the importance of having a good website for your company because it can act as your best tool for marketing and sales. A poorly designed website can repulse people from your business and can cause you to lose customers before you even have them. Get in touch with HyperEffects to work on creating, enhancing, and making the website of your company more user-friendly.