EU Leaders Agree to Ban 90% of Russian Oil by Year-End
SnopesSep 11, 2022
EU Leaders Agree to Embargo Russian Oil Imports in 6th Round of Sanctions
Image copyright: AP Photos [via AP News]
The Facts
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 Spin
Narrative A
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.
Narrative B
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.