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European Union leaders continued a two-day summit today aimed at punishing Russia after Ukraine’s attack and strengthening the country’s shattered economy.
EU leaders agreed late Monday to halt two-thirds of Russian oil imports, given the economic effects in some bloc countries, which are more dependent on Russian oil supplies.
After reaching an overnight compromise to impose an embargo on most Russian oil imports, European Union leaders will focus on ways Tuesday to help Ukraine export millions of tonnes of grain stuck in the war.
Leaders are expected to call on Russia to halt its attacks on Ukraine’s transport infrastructure and lift the blockade of Black Sea ports so that grain can be shipped abroad, particularly from the port of Odessa.
Ukraine says Russia has blocked the export of 22 million tonnes of its cereals and is fueling a global food crisis.
The Russian oil embargo that was imposed last night was a compromise, reached after difficult negotiations to secure the approval of Hungary, which did not agree to a 100 percent blockade of Russian oil.
EU leaders have agreed to cut about 90 percent of all oil imports from Russia within the next six months.
“Thanks to this, the Council should now be able to finalize a ban on almost 90% of all Russian oil imports by the end of the year. This is an important step forward. We will soon return to the issue of the remaining 10% of oil to be allowed by pipelines. I want to emphasize that other elements in the package are also important, such as the exclusion of Sberbank from the system ‘SWIFT Sberbank is the largest Russian bank with 37% of the market. There is a ban on securing and reinsuring Russian ships by EU companies, a ban on offering Russian companies a full range of business services. “And very importantly, the suspension in the European Union of the broadcast of three other Russian state media, which were typically spreading the misinformation we have seen in recent weeks and months.” said European Commission President Ursula von der Leyen.
Hungary led a group of EU countries concerned about the impact of the Russian oil embargo on their economies, including Slovakia, the Czech Republic and Bulgaria.
The EU has so far imposed five rounds of sanctions on Russia over its war in Ukraine, but the sixth package of measures announced on May 4 was hampered by concerns over oil supplies.
Hungarian Prime Minister Viktor Orban had made it clear that he could support the new sanctions only if the security of his country’s oil supply was guaranteed.
Hungary gets more than 60% of its oil from Russia and depends on crude oil coming through the Soviet-era Druzhba pipeline.
Russian President Vladimir Putin says EU sanctions are worsening the situation.
Putin has said he would be willing to help ease concerns if sanctions on his country are lifted.
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