EU to ban most Russian oil imports to put ‘maximum pressure’ on Putin to end war on Ukraine

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European Union leaders agreed on Monday to block most Russian oil imports due to the invasion of Ukraine.

Why is this important: “This immediately covers more than 2/3 of oil imports from Russia, cutting off a huge source of funding for its war machine,” European Council President Charles Michel said. tweeted. “Maximum pressure on Russia to end the war,” he added.

  • The agreement of the 27 EU member countries “will effectively reduce about 90% of Russia’s oil imports to the EU by the end of the year”, noted European Commission President Ursula von der Leyen in a statement. Tweeter Monday.
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Yes, but: There is an exemption for oil transfers via pipelines after the EU saw some resistance to the proposed oil embargo from landlocked countries, notably Hungary.

Rollback: Hungarian Prime Minister Viktor Orbán, a close ally of Russian President Vladimir Putin, had said that a rapid elimination of Russian oil would amount to dropping “a nuclear bomb on the Hungarian economy”, according to the Washington Post.

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