European Union Reaches Deal to Phase Out Russian Oil
The agreement is the most significant measure yet aimed at strangling the Russian economy.
Anadolu Agency/Getty
A ban on Russian oil exports will go into effect after the European Union reached an agreement on Monday. European Council president Charles Michel called the measure the “maximum pressure on Russia to end the war” in Ukraine. The 27 countries in the organization agreed to halt deliveries by sea, which Michel says will account for two-thirds of oil imports. Exemptions made for pipeline deliveries and several other exemptions and delays for some countries prevent it from becoming a full-stop ban. Hungary’s prime minister, Viktor Orban, had previously said that a more extreme phaseout would have been “a nuclear bomb” on the landlocked country’s economy. This is the EU’s sixth round of sanctions on Russia.
#Unity
— Charles Michel (@eucopresident) May 30, 2022
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.
Maximum pressure on Russia to end the war.
#EUCO
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