EU Agrees Gradual Russian Oil Embargo, Gives Hungary Exemptions

EU Agrees Gradual Russian Oil Embargo, Gives Hungary Exemptions

European Union leaders have agreed an embargo on Russian crude oil imports that will take full effect by the end of the year, but Hungary and two other landlocked Central European states secured exemptions for the pipeline imports they rely on.

The ban, agreed overnight after weeks of wrangling, aims to halt 90% of Russia's crude imports into the 27-nation bloc by year-end, officials said.

It is the toughest sanction yet on Russia for its invasion of Ukraine, and one that will itself affect the EU, where energy prices have spiked and inflation is running at close to a double-digit clip.

Russia accounted for just over a quarter of EU oil imports in 2020, while Europe is the destination for nearly half of Russia's crude and petroleum product exports.

"The sanctions have one clear goal: To prompt Russia to end this war, to withdraw its troops, and to agree a sensible and fair peace with Ukraine," German Chancellor Olaf Scholz said.

Ukraine said they would deprive the "Russian military machine" of tens of billions of dollars.

French President Emmanuel Macron said nothing could be ruled out regarding further sanctions, although other leaders poured cold water on the idea of banning purchases of Russian gas, on which