European Union finally reaches deal to phase out Russian oil
A ban on Russian oil exports will go into effect after the European Union reached an agreement on Monday. European Council president Charles Michelthe “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.