The European Union has pledged to impose an embargo on most — but not all — of the oil it imports from Russia by the end of 2022. European Commission President Ursula von der Leyen announced the emerging deal in Brussels on Monday.
Ursula von der Leyen: “This is very important. Thanks to this, council should now be able to finalize a ban on almost 90% of all Russian oil imports by the end of the year. This is an important step forward.”
The EU’s embargo would still exempt oil delivered from Russia by pipelines. It also grants Hungary a near-total exemption, after authoritarian Prime Minister Viktor Orbán refused to cut back on Russian oil imports.