By Al Ahed Staff, Agencies
The European Union agreed to "immediately" cut “two-thirds of oil imports from Russia,” European Council chief Charles Michel said Monday.
After weeks of disagreement over the extent of sanctions on Russia, the agreement came after negotiations during a summit of European leaders in Belgium. Countries such as Hungary depend heavily on Russian oil, and the compromise allows pipeline imports while excluding those arriving from the sea.
"Agreement to ban export of Russian oil to the EU. This immediately covers more than 2/3 of oil imports from Russia, cutting a huge source of financing for its war machine," Michel tweeted during the summit.
The EU will also give Ukraine over $9.5 billion to support its economy, helping Ukraine with its immediate liquidity needs, Michel said.
Ursula von der Leyen, head of the EU's executive, said the parties agreed "in principle." She said that the move "will effectively cut around 90 percent of oil imports from Russia to the EU by the end of the year."
The latest sanction package also includes disconnecting Russia's biggest bank Sberbank from the global SWIFT system, banning three state broadcasters, and blacklisting individuals blamed for war crimes.
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