EU agrees Russian oil sanctions, gives Hungary exemptions
(VOVWORLD) - European Union leaders handed Hungary concessions to agree an oil embargo on Russia over its military operation in Ukraine, sealing a deal in the early hours of Tuesday that aims to cut 90% of Russia's crude imports into the bloc by the end of the year.
The deal excludes from the embargo shipments by pipeline, which Hungary relies on for Russian oil. It aims to reduce Moscow's income to finance the operation it launched more than three months ago in Ukraine, with some of the toughest EU sanctions yet.
The ban on seaborne imports of Russian oil will be imposed with a phase-in period of six months for crude oil and eight months for refined products, a European Commission spokesperson said.
That timeline would kick in once the sanctions are formally adopted, with EU states aiming to do so this week.