Progressive embargo on Russian oil imports and €9 billion aid for Kyiv, says Charles Michel, President of the European Council/ Sanctions cover more than two thirds of Russia’s seaborne oil imports 

The leaders of the 27 European Union member states meeting in Brussels have agreed to progressively ban Russian oil exports to the EU, according to an announcement made on Monday evening by European Council President Charles Michel, Reuters and AFP reported on Tuesday, cited by Agerpres.

The cut, to be implemented by the end of the year, „immediately covers more than two-thirds of Russia’s oil imports, cutting off a huge source of funding for its war machine” and putting „maximum pressure” on Moscow to end the war, Charles Michel tweeted.

Thanks to Germany and Poland’s voluntary commitment to stop imports, the embargo will eliminate „around 90%” of European imports of Russian oil by the end of the year,” European Commission President Ursula von der Leyen said on Twitter.

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Imports through the Drujba pipeline, which also supplies Hungary, will be exempt in a first phase. This allowed Budapest to lift the veto that had been blocking the adoption of the EU’s sixth sanctions package against Russia for weeks.

Hungary’s domestic consumption, which is landlocked country, is 65% dependent on oil transported through the Drujba pipeline.

According to the Elysée Palace, the EU’s gradual embargo will initially be limited to oil transported by sea (i.e. 2/3 of European purchases of Russian oil). Negotiations are due to take place „as soon as possible” to end the rest of oil imports from Russia.

European leaders also agreed to remove three Russian banks from the SWIFT system, including the largest bank, Sberbank, and to ban three other Russian state broadcasters, the top EU official added. „This sanctions package includes strong measures, such as the withdrawal from SWIFT of Russia’s largest bank, Sberbank,” said Charles Michel.

So far, seven Russian banks have been deprived of access to Swift, a secure messaging platform that allows for extremely important operations such as transfer orders between banks.

A €9bn macro-financial assistance package has also been approved to allow the Ukrainian government to meet its immediate cash needs to keep the economy running.

The Kiev authorities have calculated their needs at $5bn a month.

The European funding will take the form of „long-term loans” with subsidized interest rates, a European source said, according to AFP.

The new sanctions package, negotiated for a month, also includes an extension of the EU’s blacklist to some 60 prominent figures, including the head of the Russian Orthodox Church, Patriarch Kirill.

The two-day summit in Brussels on Tuesday is due to address the consequences of the food crisis caused by the war and the energy transformation needed to enable European countries to manage without gas imports from Russia.