In a move unthinkable just months ago, EU leaders agreed late Monday to cut around 90% of all Russian oil imports over the next six months.
Belgian Prime Minister Alexander De Croo called the embargo a “big step forward” on Tuesday morning and Irish Prime Minister Micheal Martin hailed it as “a watershed moment.” But both leaders cautioned that Europe would need time to adjust to the impact — and any further bans on Russian energy could only come slowly, if at all.
Still, analyst Simone Tagliapietra said Russia would likely have to sell its oil at a substantial discount. Tagliapietra, an energy expert and research fellow at the Brussels-based think tank Bruegel, called the embargo “a major blow.” Matteo Villa, an analyst at the ISPI think tank in Milan, agreed that Russia would take a pretty significant hit now — but cautioned that the move could eventually backfire.
Leaders are also expected to discuss how to help Ukraine export millions of tons of grain trapped inside the country as a global food crisis grows. The EU oil embargo, tied up in a new package of sanctions that will also target Russia’s biggest bank and state media outlets accused of spreading propaganda, covers crude oil and petroleum products but has an exception for oil delivered by pipeline.
The sanctions package must still be finalized in coming days — and the leaders said the exemption for crude delivered by pipeline will be reviewed “as soon as possible,” though they did not specify when.
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EU Leaders Agree to Ban 90% of Russian Oil by Year-EndEuropean Union leaders have agreed to embargo most Russian oil imports into the bloc by year-end. The move is part of new sanctions on Russia worked out Monday 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. That was crucial to bringing landlocked Hungary on board a decision that required consensus. EU Council President Charles Michel says the agreement covers more than two-thirds of oil imports from Russia, cutting a huge source of financing for its war machine.
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EU leaders agree to ban 90% of Russian oil by year-endBRUSSELS (AP) — 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…
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EU leaders agree to ban 90% of Russian oil by year-endBRUSSELS (AP) — 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.
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EU leaders agree to ban 90% of Russian oil by year-endEuropean 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.
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EU leaders agree to ban 90% of Russian oil by year-endEuropean Union leaders have agreed to embargo most Russian oil imports into the bloc by year-end.
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EU leaders agree to ban 90% of Russian oil by the end of 2022The 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 for a decision that required consensus.
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