EU agrees to ban 'more than two thirds' of Russian oil import

The European Union (EU) on Monday (May 30) agreed to ban most Russian oil imports, but not before some heavy haggling to strie compromise deal with Hungary which opposed the ban. Negotiations over banning Russian oil imports have been going on for weeks.

A total embargo was fiercely opposed by Hungary PM Viktor Orban.

EU leaders meeting in Brussels hatched a compromise deal to exempt deliveries by pipeline from the ban, after Budapest warned halting supplies would wreck its economy.

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"Agreement to ban export of Russian oil to the EU. This immediately covers more than two thirds of oil imports from Russia, cutting a huge source of financing for its war machine," European Council chief Charles Michel tweeted during the summit.

"Maximum pressure on Russia to end the war."

EU chief Ursula von der Leyen said that the decision taken by the bloc "will effectively cut around 90 percent of oil imports from Russia to the EU by the end of the year" as Germany and Poland had committed to renounce deliveries via a pipeline to their territory.

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There have been five waves of unprecedented economic sanctions on Russia. Prolonged negotiations over sixth package of sanctions has rocked European unity.

Despite the gap in the embargo left by Hungary's opposition, the latest round of sanctions represents some of the most damaging measures taken by the EU so far.

(With inputs from agencies)

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