Breakingviews – Breakingviews: Oil embargo will hurt Putin more than EU – Reuters

Breakingviews – Breakingviews: Oil embargo will hurt Putin more than EU – Reuters

MILAN, May 31 Reuters Breakingviews) - After some hesitation, the European Union has decided to ban most Russian oil imports. Replacing Urals crude with more expensive Brent will swell the bloc’s already red-hot energy bill. Still, the move will shrink Moscow’s most lucrative export revenue source and help stunt Vladimir Putin’s war machine.

The bloc’s new sanctions package, due to be formalised by EU leaders later on Tuesday, envisages an immediate ban on 75% of Europe’s imports of Russian crude. This will rise to 90% by year end. The partial embargo is intended to allow naysayer Hungary and other landlocked countries to continue to import Russian oil via pipeline.