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EU Agrees Compromise Deal on Banning Russian Oil Imports

Russian oil makes up around 8% of global supply || Photo: Collected

Russian oil makes up around 8% of global supply || Photo: Collected

European Union leaders have agreed on a plan to block more than two-thirds of Russian oil imports.

The ban is a compromise that will not affect pipeline oil imports for now, following opposition from Hungary.

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

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

Michel said the EU had also agreed hard-hitting measures targeting Russia's largest bank, Sberbank, and three state-owned broadcasters.

EU members spent hours struggling to resolve their differences over the ban on Russian oil imports, with Hungary its main opponent.

The compromise followed weeks of wrangling until it was agreed there would be "a temporary exemption for oil that comes through pipelines to the EU", Michel told reporters.

Because of this, the immediate sanctions will affect only Russian oil being transported into the EU over sea - two-thirds of the total imported from Russia.

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