EU Leaders Agree to Embargo Russian Oil Imports in 6th Round of Sanctions

Photo: 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.

Nerd narrative

There's a 50% chance that Russia will produce at least 9.67M barrels of oil per day in 2023, a 34% increase from 2021, according to the Metaculus prediction community

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