Agreement in the EU to impose an embargo on Russia's oil

An agreement was reached on enforcement embargo in Russian oil, the President of the European Council announced on Twitter, Charles Michel.

Tonight #EUCO agreed a sixth package of sanctions.

It will allow a ban on oil imports from #Russia.

The sanctions will immediately impact 75% of Russian oil imports. And by the end of the year, 90% of the Russian oil imported in Europe will be banned. pic.twitter.com/uVoVI519v8

- Charles Michel (@eucopresident) May 30, 2022

«Agreement on the ban on Russian oil exports to the EU. It immediately covers more than two thirds of Russia's oil imports, cutting off a huge source of funding for its war machine. Maximum pressure on Russia to end the war.».

He added that «the sanctions package includes (more) tough measures: The removal from the SWIFT of Russia's largest bank Sberbank, the banning of 3 other Russian state-owned broadcasters and the sanctioning persons responsible for war crimes in Ukraine».

90% reduction in oil imports from Russia within 2022

In a press conference in the early hours of the morning, Michel said that oil imports by pipeline are temporarily exempted from the embargo.

Thanks to the voluntary commitment of Germany and Poland to stop their imports through the Druzhba pipeline, the embargo will eliminate «about 90%» of European imports of Russian oil «by the end of the year», the European Commission President stressed, Ursula von der Leyen at the same press conference. He added that for the remaining 10%, the Council would come back as soon as possible.

The exclusion of imports through the Druzhba pipeline, which supplies in particular Hungary, has made it possible to lift the Budapest veto, which for several weeks blocked the implementation of the EU's 6th package of sanctions against Russia.

In addition to the embargo on Russian oil, the 6th package of sanctions against Russia Russia includes, inter alia, the the exclusion from the SWIFT international financial system of three Russian banks, in particular Sberbank, a ban on the broadcasting of three Russian state television stations in the EU and sanctions against some sixty individuals responsible in particular for war crimes in Ukraine.

The final agreement on the embargo on Russian oil and the 6th package of sanctions is expected to be approved by the permanent representatives of the member states and adopted by the European Council within the week.

The European Council also agreed the EU to provide Ukraine with emergency macro-financial assistance. It is not known whether the assistance will include only loans or grants.

The Commission will present the details of how it will be financed next week, Ms von der Leyen was content to say, without going into further details.