EU agrees to ban 90% of Russian oil imports

Ursula von der Leyen, President of the European Commission

© APA | Ursula von der Leyen, President of the European Commission

# 31 May 2022 03:40 (UTC +04:00)

President of the European Commission, Ursula von der Leyen, announced that European leaders have reached an agreement to ban the export of Russian oil to the EU, which she claims will effectively cut around 90% of Moscow's oil imports by year-end, APA reports citing Tele Trader.

European Council President Charles Michel said that the ban will immediately cover over two-thirds of imports from the country, likely because the now forbidden sea-borne imports of crude will account for that much.

According to Michel, the bloc's decision was made in an effort to strengthen the economic pressure on the Kremlin while Moscow continues to conduct its military operation in Ukraine. "Maximum pressure on Russia to end the war," he asserted.

The ban, however, exempts oil that comes through pipelines, allowing dependent states to continue importing.

The new package of sanctions will also include an asset freeze and travel ban on individuals, while Russia’s biggest bank, Sberbank, will be excluded from SWIFT, the major global system for financial transfers from which the EU previously banned several smaller Russian banks. Three big Russian state-owned broadcasters will be prevented from distributing their content in the EU.

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