EU imposes partial embargo on Russian oil imports

• The agreement would effectively reduce 90 % of Russian oil imports by the end of the year

The EU's 27-nation union has agreed on a partial ban on Russian oil imports, said the president of the European Council.

"Agreement to ban the export of Russian oil to the EU. This immediately covers more than 2/3 of oil imports from Russia, cutting a huge source of financing for its war machine," Michel said in a tweet on Monday evening.

“Maximum pressure on Russia to end the war,” Michel said.

Michel's announcement came after a special European Council conference in Brussels on Monday, where EU leaders discussed the sixth set of sanctions against Russia.

The sanctions will immediately impact 75% of Russian oil imports. And by the end of the year, 90% of the Russian oil imported into Europe will be banned.

The remaining 10% will be excluded from sanctions for a limited time so that Hungary, Slovakia, and the Czech Republic, who are all connected to the southern portion of the pipeline, may continue to use fuel that is difficult to replace.

Michel said blocking Russia's largest bank, Sberbank, from the SWIFT financial messaging service, banning three Russian state-owned stations, and sanctions against people culpable for war crimes are among the sanctions.

Picture Credits: AP 

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Germany to suspend Russian oil imports irrespective of EU sanctions: Bloomberg

Russia anticipates its oil output to drop by 8.4% this year : TASS