The European Union (EU) has agreed to block most of its oil imports from Russia, cutting off Russian President Vladimir Putin’s main source of income so he can suspend the invasion of Ukraine.
Monday night TweetCouncil of Europe President Charles Michel announced the agreement, saying he would hit a “war machine” in Moscow.
“Maximum pressure on Russia to end the war,” Michelle continued.
The deal represents a major step forward for the EU’s 27 economies – of which Russia is a major energy source – and an important stimulus for Ukrainians. Policy to immediately suspend approximately 70% of Russia’s oil by suspending oil tankers and officials say will eventually reduce more than 90% of oil sales to Russia. While the plan now frees up oil shipments through pipelines, European diplomats say the trade may also stop eventually.
Agreement on the ban on Russia’s oil exports to the European Union.
It immediately accounts for more than two-thirds of Russia’s oil imports, reducing the huge source of funding for its war machine.
Highest pressure on Russia to end the war.
– Charles Michelle (@eucopresidente) May 30, 2022
More than a quarter Oil imported from the EU was imported from Russia last year.
The Ukrainian government and leading international commentators exploded. ᲛThird Berlin’s oil came from Russia and the country’s experts said this supply disruption, along with Russia’s gas, could cause severe hardship to the German economy. Germany sent out a signal in late April to be open to an oil ban. But Hungary – whose government has close ties to Russia and is a major importer of oil through Russia’s pipeline – aggressively opposed this policy during negotiations with the EU. Boosted.
European leaders have struggled to finally find an agreement that would satisfy Hungary, raising fears that the blockade would be less conducive to Ukraine’s resistance.
EU officials finally reached a compromise after a summit in Brussels on 30 May.
European countries had earlier decided to stop importing coal from Russia and imposed five unprecedented sets of sanctions on Russian government officials and institutions such as major banks.
The US and Britain have already banned Russian oil imports.
Moscow’s global oil exports earn hundreds of millions of dollars every day. This revenue provides most of Putin’s total budget for actions such as his attack on Ukraine.
Russia also receives billions of gas supplies to Europe. In April, Putin halted gas exports to Poland and Bulgaria in response to their support for Ukraine, raising concerns in Europe over the continent’s reliance on Russia’s energy supplies.
This is an emerging story. Check for updates.
Source: Huffpost
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