Arab Canada News
News
By عبد السلام
Published: May 31, 2022
EU leaders reached a compromise on Monday to impose a partial oil ban on Russia at a summit focused on helping Ukraine in the long-awaited sanctions package that was blocked by Hungary.
The eased ban covers only Russian oil brought in by sea, allowing a temporary exemption for imports delivered via pipelines.
European Council President Charles Michel said on Twitter that the agreement covers more than two-thirds of oil imports from Russia, "cutting off a huge source of funding for its war machine.
The European Union had already imposed five previous rounds of sanctions on Russia due to its war. They targeted more than a thousand people, including Russian President Vladimir Putin and senior government officials, as well as Kremlin loyalists, banks, the coal sector, and more.
But the sixth package of measures announced on May 4 was halted by concerns about oil supplies. Hungarian Prime Minister Viktor Orbán explained that he could only support new sanctions if the security of his country’s oil supplies was guaranteed.
His country obtains more than 60% of its oil from Russia and relies on crude oil that comes through the Druzhba pipeline dating back to the Soviet era.
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