The European Union came to an agreement on an embargo on Russian oil imports by the end of the year, according to a report by The Hill.
According to the publication’s report the newly agreed upon embargo pertains to Russian oil brought in by sea and currently excerpts pipeline imports in a move that is considered crucial to bring landlocked Hungary on board for the required consensus.
“EU Council President Charles Michel said the agreement covers more than two-thirds of oil imports from Russia. Ursula Von der Leyen, the head of the EU’s executive branch, said the punitive move will ‘effectively cut around 90% of oil imports from Russia to the EU by the end of the year.’”
According to Michel, leaders additionally agreed to provide 9 billion-euro tranche of assistance in support for the country’s economy as they fend of aggression by Russia, though it was unclear if the money was in the form of grants or loans.
“The new package of sanctions will also include an asset freeze and travel ban on individuals, while Russia’s biggest bank, Sberbank, will be excluded from SWIFT, the major global system for financial transfers from which the EU previously banned several smaller Russian banks,” the Hill reported. “Three big Russian state-owned broadcasters will be prevented from distributing their content in the EU.”
Michel additionally said, “We want to stop Russia’s war machine,” praising what he called a “remarkable achievement” on the part of Ukraine: “More than ever it’s important to show that we are able to be strong, that we are able to be firm, that we are able to be tough,” he added.
The new sanctions needed the support of all all 27 member countries to be passed, which it eventually received, and will become legally binding on Wednesday.
Up to this point, the EU had already imposed five previous rounds of sanctions on Russia over its war and has targeted more than 1,000 people individually, including Russian President Vladimir Putin and top government officials.