The European Union (EU) has said it will partially ban Russian oil imports

The European Union (EU) has announced that it will ban 90 percent of Russia’s oil imports by the end of the year. The embargo will affect maritime oil imports. Ursula Vaughan, the union’s chief executive, also announced a temporary reduction in the supply of pipelines.

EU Council President Charles McCall said the embargo would cover two-thirds of Russia’s fuel imports. The meeting also decided to provide $ 97 million as part of the financial assistance package to Ukraine. The new sanctions, which require the support of all 27 member states, will be formally approved by the member states at today’s meeting.

Hungary’s Prime Minister Viktor Orban has warned that a ban on imports could hurt the economy. Orban said the new embargo could only be supported if Hungary’s oil supply security was ensured. About 60 percent of Hungary’s oil imports depend on Russia.

The sixth phase of the embargo will also include the freezing of individuals’ assets and a travel ban. Sberbank, Russia’s largest bank, will be excluded from Swift. Three Russian state-owned media outlets have been banned from broadcasting in the European Union.

Russia accounts for 40 percent of the EU’s natural gas imports and 25 percent of its oil. The European Union pays Russia one billion euros ($ 850 million) a day in fuel imports. As Russia’s main source of income, the European Union aims to reduce Russia’s revenues from oil imports.

Leaders also say sanctions will affect Russia’s economy in the long run. But Russia has already announced that it will look for alternatives to imports. Sanctions will also severely affect oil prices in Europe. After the announcement of the oil embargo, the price of Brent crude rose to $ 124.10 a barrel (98 98.59).

Eng­lish summary;The Euro­pean Union (EU) has said it will par­tial­ly ban Russ­ian oil imports

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