EU To Block 90% of Russian Oil Imports By Year’s End

EU leaders say they will block 90% of Russian oil imports by the end of 2022 to punish Moscow for invading Ukraine.

The EU-wide ban will affect oil that arrives by sea. That amounts to around two-thirds of imports.

However, it will not ban pipeline oil, following opposition from Hungary.

Poland and Germany pledged to end pipeline imports, meaning a total of 90 percent of Russian oil will be blocked.

European Council chief Charles Michel said the deal cut off a huge source of financing for the Russian war machine.

It’s part of a sixth package of sanctions approved at a summit in Brussels, which all 27 member states have had to agree on.

Russia currently supplies 27% of the EU’s imported oil and 40% of its gas.

The EU pays Russia around 400 billion Euros per year in return.