Russian oil: EU agrees compromise deal on banning imports

31.05.2022, 11:38 bbc.com

European Union leaders have agreed on a plan to block more than two-thirds of Russian oil imports. The ban will only affect oil that arrives by sea but not pipeline oil, following opposition from Hungary. European Council chief Charles Michel said the deal cut off a huge source of financing for the Russian war machine. It is part of a sixth package of sanctions approved at a summit in Brussels, which all 27 member states have had to agree on. Russia currently supplies 27% of the EU's imported oil and 40% of its gas. The EU pays Russia around €400bn ($430bn, £341bn) a year in return.