EU Leaders Agree to Ban 90% of Russian Oil by Year-End
SnopesMAR 7 2022
After a month of negotiations over a blocked sanctions package, EU leaders agreed to embargo most Russian oil imports into the bloc by year-end at a summit in Brussels on Monday.
The embargo covers Russian oil imported by sea, allowing for temporary exemptions for oil delivered by pipelines.
The move was agreed in order to bring countries such as Hungary, Slovakia and the Czech Republic on board after they sought exemptions due to their current reliance on Russian oil from Soviet-era pipelines to the east.
In a major achievement, EU leaders have continued to come together beyond the hurdles to rightly embargo the majority of Russian oil imports – starving Putin of a crucial source of funds for his illegal war of aggression.
The sanctions are clearly hurting countries in western and central Europe more than Russia. The 70% surge in world gas prices has supercharged Russia's balance of payments – in fact, Moscow's trade surplus has tripled since the invasion. As food and energy prices soar, it's clear that sanctions don't work.