Russia Ukraine Crisis | EU leaders agree on Russian oil ban by end-2022. Here’s what they said on sanction
European Union leaders have agreed to ban more than two-thirds of Russian oil imports, tightening economic screws on the country even as Moscow's forces press their offensive in Ukraine's eastern Donbas region.
European Union leaders have agreed to ban more than two-thirds of Russian oil imports, tightening economic screws on the country even as Moscow's forces press their offensive on Ukraine's eastern Donbas region. Leaders of the 27-nation bloc had met to negotiate the long-sought deal earlier on May 30 in Brussels, amid concerns raised by Hungary and other neighboring countries reliant on Russian fuel. Participants in EU summit on May 30 hatched a compromise deal that exempts deliveries by pipeline from the oil import ban, after Hungarian President Victor Orban warned halting supplies would wreck the country's economy. (Image: AFP)
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Hungarian Prime Minister Viktor Orban maintained a tough stance during the talks, blaming the European Commission for failing to properly negotiate the ban with member countries. He said that energy was a "serious issue" and that "we need solutions and then the sanctions". (Image: AP)
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The compromise deal reached late on May 30, meant to punish Russia for its invasion three months ago, cuts "a huge source of financing for its war machine," European Council chief Charles Michel tweeted. The agreement also includes plans for the EU to send nine billion euros ($9.7 billion) in "immediate liquidity" to Kyiv, Michel announced. (Image: AFP)
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EU Council President Charles Michel said the agreement covers more than two-thirds of oil imports from Russia. “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. “Maximum pressure on Russia to end the war.” (Image: AP)
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Hours earlier, Ukrainian President Volodymyr Zelensky had called an oil embargo the "key point" to any sanctions package. "I believe that Europe will have to give up Russian oil and oil products in any case, because this is about the independence of Europeans themselves from (weaponised) Russian energy," he said in his daily address to the nation. (Image: AP)
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European Commission President Ursula von der Leyen welcomed the EUCO agreement on oil sanctions against Russia. “This will effectively cut around 90 percent of oil imports from Russia to the EU by the end of the year," Leyen said in a tweet. On May 31 after the conference, Leyen addressed the news conference and said, “We should be able to soon return to the issue of the remaining 10 percent of pipeline oil.” (Image: AP)
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Latvian Prime Minister Krisjanis Karins also supported the sanctions on Russia. Karins said, "We're forgetting the big picture, it’s only money. The Ukrainians are paying with their lives." Extending his support for Ukraine, he added, "We can and we must support them, if only out of self-interest, because only when Russia is defeated can we in Europe feel safe." (Image: AFP) (With inputs from AP and AFP)
