EU leaders have struck a deal to ban most Russian oil imports as they seek to deprive Russia’s president Vladimir Putin of revenues to fund his war in Ukraine.

The embargo, which was agreed after weeks of difficult negotiations, will include oil and petroleum products but contains a temporary exemption for oil delivered from Russia by pipeline. This was intended to grant Hungary, Slovakia and the Czech Republic extra time to wean themselves off crude oil supplies from Russia.

The agreement signed late on Monday night paved the way for the EU to enact a heavily delayed sixth package of sanctions, which includes measures to hit Russian banks and individuals.

The deal followed a stand-off on the oil embargo between the commission and Hungary, which complained Brussels was failing to consider the country’s energy security needs given its reliance on the Russian Druzhba pipeline.

Charles Michel, president of the European Council, hailed the deal, writing on Twitter that it would cut “a huge source of financing for [Russia’s] war machine” and would deliver maximum “pressure on Russia to end the war”.

The ban will include seaborne oil purchases, which cover about two-thirds of Europe’s imports from Russia. In addition, pledges from Germany and Poland to stop oil imports via the northern part of the Druzhba pipeline are expected to take coverage of the ban to 90 per cent by the end of the year.

European governments have not settled on how long the carve-out of Russian oil supplied via pipeline will last, declaring only that it will be “temporary” and that they will return to the matter as soon as possible.

Keeping pipelines out of any initial embargo was a crucial demand for Hungary, which had argued that a ban would put its economy at risk because of its dependence on Russian crude. Viktor Orbán, Hungary’s prime minister, also secured measures to ensure that Budapest could still obtain Russian oil from other sources if there was an “accident” with Druzhba, which crosses Ukraine.

Asked about the length of the temporary carve-out, Ursula von der Leyen, commission president, said it was “very clear” that member states would revert to this topic.

Croatia, she said, could expand the capacity of its Adria pipeline, which runs from the Adriatic Sea, to provide supplies of crude to Hungary. She added that it was helpful to offer extra time to Hungary so that the country could “really switch off” Russian oil.

The partial ban risks distorting competition in the EU oil market, with refineries connected to pipelines from Russia enjoying a price advantage. The price of Russian oil has fallen sharply as European traders have shunned the country’s seaborne crude.

Russian Urals crude is trading at about $93 a barrel, compared with $120 for Brent, the international oil benchmark. While Russian oil delivered via Druzhba may not carry such a big discount, depending on how contracts are structured, Hungarian oil group Mol has said it has enjoyed “skyrocketing” margins for its refineries since March because of the “widening Brent-Ural spread”.

The conclusions from the summit said member states would need to ensure the final sanctions package, which will be settled by EU ambassadors in the coming days, provided for a “well-functioning EU Single Market, fair competition, solidarity among Member States and a level playing field”.

The measures are expected to include a prohibition on the re-export of Russian crude arriving via pipeline. There will also be a ban on the resale of refined products from Russian crude as part of efforts to minimise market distortions. This will kick in after eight months, although the Czech Republic will receive a longer, 18-month grace period.

The west must hold its nerve on Ukraine
The sanctions package also includes the ejection of Sberbank from the Swift global payments system as well as restrictions on more state-owned Russian broadcasters and asset freezes and travel bans on individuals. There will also be a ban on the provision of a range of services to Russian companies.

Brussels proposed the embargo on buying Russian oil in early May, underlining the EU’s difficulties in finding a way to increase its punishment on Moscow while not damaging parts of the European economy that depend on Russian energy.

The EU has already banned Russian coal but has exempted gas from sanctions. Gazprom, the Russian state-owned energy company, has nevertheless cut supplies to Poland, the Netherlands and Bulgaria for refusing to pay for gas in roubles.

https://www.ft.com/content/acc55aee-1b63-4f23-b52d-41fe661b0714

PUTARDS MUST HEAR THIS.

Putards come an see another propaganda + fake news.

Removing Sberbank from the Swift banking network automatically affects 100 million Russians who are on their system.

Sberbank is the biggest bank in Russia.

Again they are blocking a food and energy giant. Ii will affect the west as much as Russia.

RepoMan007:
Again they are blocking a food and energy giant. Ii will affect the west as much as Russia.

It wouldn't

Igbofam2:


It wouldn't

Check inflation rate in eurozone

Elvictor:



Check inflation rate in eurozone

Check inflation rate in Russia

Good News........ Good Move.

They must pull their cash from Putin's War machine.

It does not matter because Russia will cut off any one who refuses to pay in rubles
.

What actually has Russia done to European Union, that wants to make them to collapse their own economy, .

Why should the West hate Russia so much? You said democracy and Free World. Russia has never stood against your System of Governance.

What then is your beef if Russians practise Cannibalism as a form of Government? Paddle your own canoe. Is it not sad for 30 EU countries and America to be fighting single Russia?. Where is our moral values in the world, You accused Russia of the very crimes you commit everyday around the world.

Until this morning Libya has no standing and functional Government because of your democracy and freedom. Look at Iraq, Syria and Afghanistan. Where are they going?.........

This war is because nato wants to expand toward Russia and to gently surround great mother Russia... NATO is an evil organization.... They caused this war and usa said the purpose they caused the war is to weaken Russia...

The west don't care about those people in Ukraine that are losing their life....The west with its imperial mindset is a threat to humanity............ ..............

What is imperial attitude?

A country has an imperialistic attitude when it is actively trying to expand its geographic, and therefore political, influence.


God bless putin God bless mother Russia.

RepoMan007:
Again they are blocking a food and energy giant. Ii will affect the west as much as Russia.

Exactly
Russia Block sunflower oil from Ukraine to get to USA this caused USA to run out of baby food lol.

Kingsnairaland:
What actually has Russia done to European Union, NATO and America? We always hear America has built this and that weapons to annihilate Russia.

Why should the West hate Russia so much? You said democracy and Free World. Russia has never stood against your System of Governance.

What then is your beef if Russians practise Cannibalism as a form of Government? Paddle your own canoe. Is it not sad for 30 EU countries and America to be fighting single Russia?. Where is our moral values in the world, You accused Russia of the very crimes you commit everyday around the world.

Until this morning Libya has no standing and functional Government because of your democracy and freedom. Look at Iraq, Syria and Afghanistan. Where are they going?.........

This war is because nato wants to expand toward Russia and to gently surround great mother Russia... NATO is an evil organization.... They caused this war and usa said the purpose they caused the war is to weaken Russia...

The west don't care about those people in Ukraine that are losing their life....The west with its imperial mindset is a threat to humanity............ ..............

What is imperial attitude?

A country has an imperialistic attitude when it is actively trying to expand its geographic, and therefore political, influence.


God bless putin God bless mother Russia.

RUBBISH!!!

You would have made more sense if you had simply posted your usual FAKE NEWS under the OP

Igbofam2:


RUBBISH!!!

You would have made more sense if you had simply posted your usual FAKE NEWS under the OP

I know we hurt you when we call out your bullshit. When we see real news we will make reasonable contributions to it which you know.

Don't cry brother.


God bless putin God bless mother Russia.

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Hunger games,......

Still almost all of them still buy gas from Russia..mumu men and women..

K

that’s deaTH sentence

All Putin slaves are


IdIOTS and SENSELESS

putin go soon drink his oil

W

Ban and sanctions won’t solve this war and you know it.
Russia is even doing better with the ban and sanctions.
Poor Ukrainian will suffer for nothing.
Putin is hell bent on destroying Ukraine and Zelensky allowing his country to be used for proxy war.

West

India is now importing 25X more oil from Russia this year.
The Ukraine war is between the International Community (western countries) and the Global Majority (Rest of the world)

There's food crisis in the West and baby food shortages in America because Ukraine has put antiship mines in the Black sea and grains can't be exported.
Russian Ruble is trading at a 7 year high and Euro is down leading to 50 year record inflation in Germany, the EU is simply cutting off its nose to spite it's face

is that all?

GOD bless Putin and mother Russia!