EU to Reduce 90% Russia Oil Imports by The End of This Year

The leaders of 27 European Union (EU) countries held a summit in Brussels, Belgium, on Monday (30th) to discuss the sixth round of sanctions against Russia. They finally reach a consensus on an embargo on Russian oil.

EU countries agreed in principle to reduce Russian oil imports by 90% by the end of this year. As for the Hungarian side’s concern that the pipeline through Ukraine might be suddenly disrupted in the process of importing Russian oil, the leaders of other EU countries gave assurances that they would provide relevant contingency measures. The oil involved in the embargo is mainly seaborne oil delivered to the EU by tanker, while Russian oil delivered by pipeline is not affected. If Poland and Germany can stop buying Russian oil by the end of the year, the EU embargo can be increased to 90%; the remaining 10% will continue to allow Hungary, Slovakia, and the Czech Republic to import Russian oil for the time being.

European Council President Michel said, “this immediately covers more than 2/3 of oil imports from Russia, cutting off a huge source of financing for its war machine. Maximum pressure on Russia to end the war.”

In addition, Member States have reached a consensus on a new round of sanctions, including kicking Russia’s largest bank, Sberbank, out of the global SWIFT system and adding a ban on three more Russian state-run media outlets from broadcasting in EU countries.