Cape Town - The EU announced on Tuesday that it has reached an agreement to cut 90% of oil imports from Russia by the end of the year.
In a press briefing on Tuesday, European Commission chief Ursula von der Leyen announced a deal that would allow other elements of a sixth sanction package against Russia due its “special military operation” in Ukraine.
“Thanks to this, council should be able to finalise a ban on almost 90% of all Russian oil imports by the end of the year,” said Von der Leyen.
“Now, left over is around 10 or 11% that are covered by the southern Druzhba (pipeline),” she said.
Von der Leyen added that this is a big step forward and that they’ve agreed to relook at this topic at a later stage.
The agreement comes after weeks of negotiations which means an end to seaborne deliveries of Russian oil, while pipeline deliveries will continue to flow. Several countries will also get extensions or exemptions, according to EU officials and diplomats.
According to The Washington Post, European Council President Charles Michel said the agreement would cover more than two-thirds of Russian oil imports, which ultimately means cutting off a "huge source of financing for its war machine”.
IOL